Market Absorbs One Million SF.
The industrial market in the Upstate of South Carolina absorbed just over 1,000,000 square feet during the third quarter of 2011. Greenville County experienced the greatest amount of net absorption, as the largest transaction that occurred during this three month period was the 293,000-square-foot lease by Confluence Water Sports at Greenville Commerce Center. Spann Contract Packaging also leased 50,000 square feet in the same building, which is a total of 550,000 square feet.
ZF Group, a current BMW supplier in Spartanburg County, has started construction on a 950,000-square-foot manufacturing facility in Laurens County. This new facility is expected to create more than 300 new jobs in the upstate economy and has a construction value of over $350,000,000.
Although advanced manufacturing has remained a staple of the post-recessionary Upstate economy, growth within the market has solely been dependent upon the expansion of existing firms. New industries have yet to relocate to the Greenville region due to continued problems in the housing markets and the inability for workers in other markets to sell their homes. Without flexibility in relocating executives it remains difficult for large operations to relocate or enter new markets.
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