Industrial Market Continued to Grow and Strengthen in 2015
- The Greenville/Spartanburg industrial market continued to strengthen through 2015, ending the fourth quarter with declined vacancy, higher rental rates and new construction.
- Capital investments continue to flow into the region from new and existing companies.
- The region meets key site selection criteria defined by Area Development Magazine.
- Industrial employment is on the rise as the Southeast embraces a manufacturing renaissance.
- The market is poised for further development and growth in 2016.
Key Site Selection Factors Attract Companies to the Region
In today’s transforming industrial market, manufacturers and distributors are attracted to the Greenville/Spartanburg region for its accessibility to and from other markets at a time when transportation costs are increasing. A recent corporate site selection survey by Area Development Magazine ranked highway accessibility the top location factor in facility planning. Transportation costs are making up a growing portion of operating expenses, and thus highway accessibility is outweighing real estate costs in site selection, specifically for distribution centers. Efficient logistics and supply chain optimization are growing increasingly important as firms look for ways to cut operating costs.
The Greenville/Spartanburg region has received significant attention from several distribution centers and third-party logistics providers, attracting investments from Techtronic Industries, Colgate-Palmolive, Dollar Tree, Rite Aid and Kenco Logistics Services over the past year. The Interstate 85 (I-85) corridor runs through the region, connecting it to major markets such as Charlotte, NC and Atlanta, GA, among others. The region is a 2.5-hour drive to the Port of Charleston, which is also accessible via Norfolk Southern Rail and the South Carolina Inland Port.
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