2020 Q3 Industrial Greenville-Spartanburg Report

Download Report
Industrial_Header_1536x730

Strong year-end expected in Greenville-Spartanburg as pandemic heightens demand for industrial

Key Takeaways

  • The Greenville-Spartanburg industrial market absorbed 1.04 million square feet, decreasing the third quarter’s vacancy rate to 6.64%. 
  • The pandemic has stimulated multiple market sectors increasing demand throughout the market. 
  • Greenville-Spartanburg’s market is predicted to finish the year strong due to the deals currently under negotiation and/or closing. 

Lifestyle changes fueling industrial sector growth

COVID-19 has stimulated many sectors of industrial activity, thereby increasing demand throughout the Greenville- Spartanburg market. E-commerce, online grocery shopping and the resulting need for cold storage are fueling demand and absorption of well-located and specified facilities designed to meet these requirements. Market demand for this product remains high for both users and investors. Warehouse space close to major logistic pipelines is predicted to continue attracting interest from both investors and owner/users as e-commerce growth increases. While absorption is already positive in the third quarter of 2020, the number of deals currently under negotiation could bring year-end numbers up significantly. Tours for industrial property are rising with renewed interest from out-of-market investors in addition to continued local economic development within the Greenville- Spartanburg market. All of these factors are contributing to increased activity throughout the market going into the fourth quarter.

Download pdf

Download the full report

For more information, including the market summary statistics, download the full research report.

Download report

Greenville industrial report

2020 Q3 Industrial Greenville-Spartanburg Report

Download Report
Related Experts

Garrett Scott

Vice President

Spartanburg

As a Vice President of Colliers International in the Spartanburg office, Garrett Scott specializes in leasing, sales and development advisory services for industrial properties across the Greenville-Spartanburg market.

 

Along with his experience in both brokerage and development, Scott works with teammates and industrial professionals John Montgomery and Brockton Hall to provide clients a unique perspective for their real estate decisions.

 

Scott’s focus is not just on the transaction, nor on how real estate can save a client money, but how it can make them money by capitalizing on the operational advantages which a building and location can offer. This provides a clearer path to what is truly important in a locational decision.

 

With experience in both brokerage and development with a proven track record of providing innovative solutions to meet corporate objectives, Scott offers an advantage that clients seek out.

View expert

John Montgomery

Vice President

Spartanburg

John Montgomery is a Vice President of Colliers International in the Spartanburg office. With his breadth of experience in master-planned communities, retail, residential, commercial and industrial development projects, along with teammates Garrett Scott and Brockton Hall, he guides clients through the development process from inception through lease-up. This team does so successfully not only in the Upstate of South Carolina, but across the Southeast as well.

View expert

Richard Barrett

Senior Brokerage Associate

Greenville

I specialize in flex office and industrial brokerage at Colliers International’s Greenville, SC office. I have many years of experience in the industrial business world and understand the demands that businesses experience regarding real estate. I strive to make the process as smooth as I can for my clients and offer them empathy and knowledge for getting the best space for their needs. I am inspired and motivated by the beauty of business growth. Seeing a company start from a small garage startup and grow into a powerful industry leader is exciting, and I am proud to be able to play a part in helping clients get started in a building of their own.

View expert

Brockton Hall

Senior Brokerage Associate

Greenville

Brockton Hall is a Senior Brokerage Associate with Colliers International in the Greenville and Spartanburg offices. He is a member of the Upstate industrial team along with long-time real estate professionals, Garrett Scott and John Montgomery. This team specializes in the needs of industrial landlords and occupiers throughout the Southeast. 

Hall comes from a commercial construction background with years of experience in the commercial sector working on projects including K-12, office and institutional. He also has significant renovation and retrofitting experience. His construction background allows him to assist occupiers with their building specifications and advise them during the build-to-suit and new construction process. For developers and investors, he is well-equipped to advise on construction-related issues involved in tenant upfits, value-add projects and new development.

View expert

Brannan Hudson

Brokerage Associate

Greenville

I am a Brokerage Associate teamed with Richard Barrett, MCR. Our team focuses on the leasing and sale of flex and industrial properties throughout the Upstate.

The Colliers office in Greenville is equipped to offer clients a full package of services when it comes to commercial real estate. Because we have brokerage teams designed for each market, we are able to offer customized services based around a client. This is an atmosphere that I enjoy working in, and I find that it is why clients choose to work with us rather than the competition. I strive to provide the best knowledge about the Upstate and bridge the gap between clients entering the market for the first time with their needs to establish themselves in the area. I enjoy watching the Greenville community grow and develop while playing a role in helping business get established.

View expert

Dillon Swayngim

Brokerage Associate

Spartanburg

I specialize in industrial and flex properties through landlord and tenant representation as well as industrial investment sales.

I define success in my work as going above and beyond for clients and when the projects that I work on produce a substantial impact on local and regional economic development. My client roster has included large companies such as Amazon, institutional investors and small local businesses. Each of my clients are treated in the same manner as they expect responsiveness, professionalism and market expertise, and I take pride in being able to deliver each for them. Being able to identify operational inefficiencies and identify solutions for my clients is one of my biggest assets.

View expert