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