Q1 2024 Market Reports
Industrial
The Greenville-Spartanburg area, also known as South Carolina’s Upstate, has become a destination for auto parts makers and other manufacturers and distributors looking to locate near BMW’s largest global production facility in Spartanburg. Greenville’s location along the Interstate 85 corridor, which has accounted for a substantial share of the population and job growth in the Southeastern United States over the past decade, has also attracted distributors from major retailers in recent years.
READ FULL INDUSTRAL REPORT HERE
Office
Greenville is a manufacturing and distribution powerhouse, and the industrial sector here gets more national attention than the office sector. However, the professional services and financial sectors, as well as administrative office needs for logistics and manufacturing companies, drive demand for office space in the region.
Retail
Demand for retail space in Greenville has remained consistently strong heading into the second quarter of 2024. Despite some higher-profile closures in traditional mall space, outperformance from grocery brands, discount outlets, and other service-oriented retailers, led the market to its strongest year for retail leasing year since 2016 as retailers leased more than 1.5 million square feet in 2023. That demand carried through the first quarter of 2024 with nearly 400,000 square feet of new leases signed.
