Greenville-Spartanburg industrial market poised to end 2024 strong

• The Upstate’s industrial leasing activity for Q3 2024 is already surpassing that of Q2 2024 by 21%, with another month remaining in the quarter. Most of this quarter’s leases have been concentrated in the Spartanburg submarket.
• Historically, Q4 leasing volume is 48% greater than Q3 in this market, which would result in at least an additional 1.6 million square feet of positive absorption before the end of the year.
• Despite a strong close to the year, leasing volume for 2024 is projected to be lower than most recent years. Pre-leasing activity continues to be robust across the region, suggesting that leasing volume is set to increase into early 2025.

August 26, 2024

Additional resources

• Greenville-Spartanburg Industrial Market Report
• Smaller U.S. industrial spaces outshine bulk sector amid inventory shortages and evolving tenant preferences

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