Trends

  • Market Profile: The total industrial space market for the county has been estimated to be in excess of 65,000,000 SF. Figures presented in this report are for 2 categories of non-owner occupied properties, typically less than 20 years old, including (a) Business Park Flex Space over 20,000 SF and (b) Distribution Properties over 30,000 SF.
  • Manufacturing Expansion/Manufacturing Downturn: The Year 2000 Greenville area industrial economy has been characterized by both significant expansions and plant closings. Total 2000 capital investment figures published by the Greater Greenville Chamber of Commerce are in excess of $1.0 billion, resulting in the creation of an estimated 2,600 new jobs. Growth came from expansion of existing industry, as well as new manufacturing facilities locating in the area. Major drivers for both market segments include the automotive industry, with expansions by BMW and Michelin, and the metalworking industry with continued growth by GE’s Gas Turbine manufacturing facility.

Facility closings have occurred in both the distribution and manufacturing sectors. Unfortunately, recently vacated space has been slow to back-fill by the new and expanding industries. The trend has been for existing industries to expand on their current sites, and for companies moving into the area to build new owner–occupied facilities. The vacancy situation has been further compounded because several local logistics companies have constructed their own facilities.

  • The Matrix – A Business & Technology Park, is a 1,000 acre industrial tract was acquired by and is being marketed by Greenville County as a result of a public–private initiative to increase the inventory of developed industrial land. The anchor tenant in this new park is Toyoda Machine Works which recently announced plans for a new $27 million facility.
  • Expansion Management Magazine, in an article on Corporate Real Estate 2000, has identified the Greenville–Spartanburg area of South Carolina as being one of the top 10 areas in the country for attractiveness for new facility development.

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