Continued Success through the Third Quarter
The Greenville/Spartanburg industrial market continued to improve in the third quarter of 2012 with a positive net absorption of 471,949 square feet and a direct vacancy rate of 9.35%, 49 basis points lower than last quarter. The greatest absorption in the market, adding over 275,000 square feet of occupied space, was observed in the Greenville County submarket. Construction was completed on three buildings totaling 34,000 square feet in the third quarter bringing the year to date delivered inventory to 984,000 square feet.
Despite trends of decreased business activity in recent election years, the Greenville/Spartanburg industrial market remained strong through the third quarter while some markets in South Carolina appeared to be stagnant.
Progress was apparent across all counties except Pickens which showed no change in the third quarter. Greenville and Spartanburg counties experienced the greatest activity with each county having a positive net absorption of over 150,000 square feet.
Lease transactions occurring in the third quarter include new leases and renewals in Greenville, Spartanburg and Cherokee counties. Global Automotive Partner, Inc. signed a 202,104 square foot lease at 15 Tyger River Road in Spartanburg County. Another lease was administered with an undisclosed tenant signing a 122,000 square foot lease at 1081 Barnwell Road. Greenville County also witnessed new leases including a lease for 80,000 square feet at 1428 Old Stage Road and a lease at 6400 Augusta Road to occupy 60,000 square feet.
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