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

Office market

Landlords are successfully offering moving allowances and free rent for large tenants; smaller tenants lease coworking spaces for high-quality finishes with affordable rent. Two office buildings totaling 34,940 square feet were delivered to the market during the third quarter of 2018.

Market statistics

    Change from Q2 2018
  • Market inventory:
16,783,231 SF --
  • Quarterly absorption:
-122,432 SF --
  • Market vacancy rate:
12.71% Higher by 91 basis points
  • Average weighted rental rate:
$19.19 Lower by 6.44%

GSA CBD statistics

    Change from Q2 2018
  • Quarterly absorption:
8,828 SF --
  • Market vacancy rate:
13.20% Higher by 28 basis points
  • Average weighted rental rate:
$23.72 Lower by 3.14%

GSA suburban statistics

    Change from Q2 2018
  • Quarterly absorption:
-131,260 SF --
  • Market vacancy rate:
12.55% Higher by 113 basis points
  • Average weighted rental rate:
$17.69 Lower by 8.58%

Industrial market

New regulations regarding trucking Electronic Logging Devices (ELD) will make secondary markets desirable for locating distribution and manufacturing centers. The GSA market is performing positively with a low vacancy rate, 1,884,906 square feet of absorption and 1,186,130 square feet of new industrial properties delivered across the market.

Market statistics

    Change from Q2 2018
  • Market inventory:
197,999,979 SF --
  • Quarterly absorption:
1,884,906 SF --
  • Market vacancy rate:
5.67% Lower by 39 basis points
  • Average weighted rental rate:
$3.52 Higher by 3.53%

GSA flex/R&D statistics

    Change from Q2 2018
  • Quarterly absorption:
-10,638 SF --
  • Market vacancy rate:
13.19% Higher by 129 basis points
  • Average weighted rental rate:
$8.08 Lower by 2.65%

GSA manufacturing statistics

    Change from Q2 2018
  • Quarterly absorption:
836,000 SF --
  • Market vacancy rate:
3.37% Lower by 118 basis points
  • Average weighted rental rate:
$5.44 Higher by 42.78%

GSA warehouse statistics

    Change from Q2 2018
  • Quarterly absorption:
1,059,544 SF --
  • Market vacancy rate:
5.72% Lower by 31 basis points
  • Average weighted rental rate:
$3.22 Higher by 2.22%

Retail market

This quarter, the GSA retail market had no new market retail delivered. Although both rental rates and vacancy have fluctuated over the past few quarters, market activity remains steady, with positive market absorption.

Market statistics

    Change from Q2 2018
  • Market inventory:
17,105,581 SF --
  • Quarterly absorption:
12,098 SF --
  • Market vacancy rate:
10.16% Lower by 7 basis points
  • Average weighted rental rate:
$10.90 Lower by 20.03%

GSA core statistics

    Change from Q2 2018
  • Quarterly absorption:
-687 SF --
  • Market vacancy rate:
4.25% Higher by 1 basis point
  • Average weighted rental rate:
$15.24 Lower by 39.26%

GSA non-core statistics

    Change from Q2 2018
  • Quarterly absorption:
12,785 SF --
  • Market vacancy rate:
12.74% Lower by 6 basis points
  • Average weighted rental rate:
$10.50 Lower by 2.23%

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.