Industrial market in rebalancing phase of upwards trajectory
- Greenville-Spartanburg industrial market activity is equalizing to pre-pandemic levels
- There are ±4 million square feet of pre-leased space still currently under construction
- Rental rates are continuing to increase quarter-over-quarter
Unprecedented demand forced the Greenville-Spartanburg industrial market into hyperactivity over the last two years with developers racing to deliver buildings fast enough to keep pace with demand. The market began a rebalancing cycle this quarter that brought construction back into equilibrium. During the fourth quarter, 951,147 square feet delivered with net absorption of 484,801 square feet primarily due to multiple fourth quarter tenant occupancy dates being pushed to 2023.
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