Greenville-Spartanburg industrial market report
Q3 2024
The Greenville/Spartanburg industrial market remained active at the end of 3Q 2024. Leasing activity continues to be strong with 4.8 msf of new leases signed so far in 2024, however, tenants are beginning to demand smaller spaces. Construction activity is following the national trend and has begun to cool which will help the market’s vacancy rate stabilize. Sales activity is strong, and with the recent rate cut, and potential future cuts, the market should see more sales heading into 2025.
51.7%
Leasing
Tenants are seeking smaller spaces with 51.7% of new leasing activity under 50k sf.
27 msf
Construction
Availability remains high in the 27 msf that has delivered since the beginning of 2023.
$415M
Sales
Sales activity is down 25% from 2023, but remains elevated with $415M trading year-to-date.
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