Q3 2024 Market Reports
Industrial
The Greenville-Spartanburg area, often called South Carolina’s Upstate, has emerged as a vital hub for industrial activity along the Interstate 85 corridor, which has experienced significant population and job growth over the past decade. The area’s strategic location has attracted major retailers and distributors, including automotive parts manufacturers seeking proximity to BMW’s largest global production facility in Spartanburg. BMW’s 3 million SF production facility in Greer has spurred industrial demand for two decades, drawing in automotive manufacturers and suppliers. More recently, the rise of e-commerce and imports has brought retail distributors such as Dollar General, Lowe’s, and Adidas to the region.
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Office
The Greenville area is often recognized for its thriving manufacturing and distribution sectors, which have garnered significant national attention. However, as the region grows into a key player in the Southeast, office-using sectors like financial and professional services have also expanded. In addition, many manufacturing and logistics companies have established administrative offices in the area.
Retail
Retail space is in short supply in Greenville in 2024. At the same time, continued population growth has kept demand consistently high. Retail net absorption has remained steady here. Experiential retailers, discounters, and other service-oriented retailers have outweighed higher-profile closures in traditional mall space. Simultaneously, higher construction costs have kept retail groundbreakings to a minimum over the past several years. As a result, construction remains at record lows. Combined with the continued demand, that has led to a record low availability rate at 3.8%, well below the national average.
