Colliers International releases fourth quarter 2018 market snapshots for Greenville-Spartanburg-Anderson

Greenville, SC – Colliers International | South Carolina has released a snapshot of its fourth quarter preliminary data for the office, industrial and retail markets in Greenville-Spartanburg-Anderson.

Office market

As new office construction is delivered to the Greenville-Spartanburg-Anderson office market, the vacancy rate will rise in the coming quarters before the new space is absorbed.

Market statistics

    Change from Q3 2018
  • Market inventory:
16,739,246 SF --
  • Quarterly absorption:
45,175 SF --
  • Market vacancy rate:
12.97% Lower by 27 basis points
  • Average weighted rental rate:
$20.10 Higher by 0.15%

GSA CBD statistics

    Change from Q3 2018
  • Quarterly absorption:
-13,293 SF --
  • Market vacancy rate:
14.09% Higher by 32 basis points
  • Average weighted rental rate:
$23.32 Lower by 2.18%

GSA suburban statistics

    Change from Q3 2018
  • Quarterly absorption:
58,468 SF --
  • Market vacancy rate:
12.59% Lower by 47 basis points
  • Average weighted rental rate:
$19.47 Higher by 1.78%

Industrial market

The Greenville-Spartanburg-Anderson market absorbed 2,834 square feet this quarter, and the manufacturing sector absorbed 184,540 square feet; however, there are 1.5 million square feet of industrial buildings under construction that, due to high demand, are expected to be rapidly absorbed, especially in the Spartanburg region.

Market statistics

    Change from Q3 2018
  • Market inventory:
198,188,195 SF --
  • Quarterly absorption:
2,834 SF --
  • Market vacancy rate:
5.45% Higher by 5 basis points
  • Average weighted rental rate:
$3.73 Higher by 3.37%

GSA flex/R&D statistics

    Change from Q3 2018
  • Quarterly absorption:
-35,190 SF --
  • Market vacancy rate:
13.88% Higher by 78 basis points
  • Average weighted rental rate:
$7.52 Higher by 4.59%

GSA manufacturing statistics

    Change from Q3 2018
  • Quarterly absorption:
184,540 SF --
  • Market vacancy rate:
2.78% Lower by 58 basis points
  • Average weighted rental rate:
$5.90 Higher by 8.46%

GSA warehouse statistics

    Change from Q3 2018
  • Quarterly absorption:
-146,516 SF --
  • Market vacancy rate:
5.52% Higher by 10 basis points
  • Average weighted rental rate:
$3.51 Higher by 5.72%

Retail market

During the fourth quarter of 2018, the Greenville-Spartanburg-Anderson retail market picked up momentum and absorbed 92,004 square feet. Due to the high absorption, the vacancy rate is 54 basis points lower than it was during the third quarter. In addition, the weighted shop space rental rates increased in all sectors.

Market statistics

    Change from Q3 2018
  • Market inventory:
17,105,581 SF --
  • Quarterly absorption:
92,004 SF --
  • Market vacancy rate:
9.62% Lower by 54 basis points
  • Average weighted rental rate:
$11.12 Higher by 2.02%

GSA core statistics

    Change from Q3 2018
  • Quarterly absorption:
17,822 SF --
  • Market vacancy rate:
3.91% Lower by 34 basis points
  • Average weighted rental rate:
$15.55 Higher by 2.03%

GSA non-core statistics

    Change from Q3 2018
  • Quarterly absorption:
74,182 SF --
  • Market vacancy rate:
12.12% Lower by 62 basis points
  • Average weighted rental rate:
$10.82 Higher by 3.05%

Full market reports will be provided in the coming weeks with extensive, final data and more analysis. To receive these reports automatically via email, sign up here.