Avison Young in Greenville
For more than 20 years, the principals and associates of the South Carolina offices of Avison Young have been providing a full range of commercial real estate services to clients. Avison Young opened its Greenville office in September 2013 to service the Greenville-Spartanburg-Anderson Upstate market. The South Carolina offices offer a full suite of services including brokerage, property management, project management, capital markets and development services. We represent buyers, sellers and those leasing properties for business, industrial and investment organizations of all kinds.
Guiding everything we do is an unwavering commitment to excellence in client service. Through a dedicated, principal-led business resources team, we provide tools, technology and expertise to support our clients, however complex their challenges. Our approach is holistic and consistent. It starts with an understanding of your business priorities, not with real estate transactions. For our clients, this means we produce customized, cost-effective solutions with speed, creativity and confidence.
With over 75 years of combined experience, the Charleston property management team gives owners the confidence their investment will be properly managed. In addition to maintaining positive tenant relationships, our team delivers innovative real estate management solutions, finds reputable and responsive vendors at competitive prices, and provides the resources to keep track of clients’ financial information. Our experience and expertise span commercial, retail and industrial property types, and include all of the resources and expertise of Avison Young’s global organization.
|Transaction Management||Landlord Representation||Real Estate Development|
|Tenant Representation||Capital Markets||Management and Advisory|
|Consulting and Advisory||Investment Sales||Design Management|
|Project Management||Property Management||Construction Management|
|Enterprise Solutions||Investment and Asset Management|
Greenville, with a municipal population of 60,709 and a combined statistical area population of 1,438,550, is the fourth largest municipality and the fastest-growing urban area in the state. Greenville is also the largest city in the 10-county region of northwestern South Carolina known as “the Upstate”. The Upstate is the fastest-growing region in the state and with its strategic position along Interstate 85, future development and growth prospects are very favorable. Greenville is centrally located along the mega-growth I-85 corridor that connects two of the largest cities in the Southeast -- Atlanta, Georgia and Charlotte, North Carolina. Greenville is easily accessible via air, road and rail and is located 100 miles from the capitol city of Columbia and only 200 miles from the Port City of Charleston.
With more than 250 international firms, the Upstate boasts the highest international investment per capita in the nation and is among the largest export markets in the United States. Greenville is home to such national and international corporations as Fluor and Hubbell Lighting - with BMW and Michelin North America located nearby. Other major industries include the auto industry which is concentrated mainly along the I-85 corridor near the BMW manufacturing facility, healthcare and pharmaceuticals, private sector and university-based R&D facilities for Michelin, Fuji and General Electric and research centers to support the automotive, life sciences, plastics and photonics industries. Clemson University, BMW, IBM, Microsoft, and Michelin have combined their resources to create the International Center for Automotive Research (CU-ICAR), a research park that specializes in the development of automotive technology. The Upstate region was ranked seventh in the nation by site consultants considering the top markets for economic development.
CNN Money listed Greenville as one of the "Top 10 Fastest Growing Cities in the U.S." The New York Times listed Greenville as 13th on its list of “52 Places to Go in 2017”. Greenville has also been named on “Best Places to Live 2016” by Men’s Journal, Top 4 Best Places to Raise a Family by MarketWatch and Entrepreneur placed Greenville among its 2015 list of “Top 10 Small Cities Where Business is Thriving.” Additionally, the state of South Carolina has been ranked within the top 10 fastest-growing states and economies by the U.S. Commerce Department.
Greenville-Spartanburg’s 10-county region, known as the Upstate, showcases a diversified, fast-growing economy with a population of approximately 1.3 million residents. The area is best known for its top-notch business climate, first-rate research environment, distinct corporate base and unparalleled quality of life with a cost of living 6% below the national average. Throughout the past decade, the area’s key economic drivers have diversified from automotive and engineering companies to more robust and diverse firms in the life sciences, research, plastics, photonics, tourism and service industries.
As a result, the Upstate continues to record substantial growth in all four commercial real estate sectors.
Strong demand for class A office space in the Greenville market drove vacancies to record lows and rental rates to record highs in 2016. This growth environment, combined with historically low interest rates and a rise in cap rates, has created opportunities for investors to develop new buildings with class A office. Projects slated for 2017 and beyond may alleviate current and impending demand.
The Upstate retail market remained healthy in 2016 as vacancy rates continued to decline and rents trended upward. Downtown Greenville saw an influx of out-of-town restaurant groups and retailers entering the market. Grocers such as Harris Teeter, Lowe's Foods and Lidl have continued to announce new locations. The region's strong and growing business culture, ease of life and tourism are expected to help maintain population growth and spark more retailer interest in the Upstate in 2017.
As new industries continue to gravitate to the Upstate, there is also a movement from area companies to upgrade to improved locations or larger facilities. The Inland Port remains a sizeable component for driving industrial demand and, as a result, the South Carolina Port Authority has allocated funds for expansion in 2017. Area construction continues to be spurred on as build-to-suit and speculative buildings are filled quickly. Manufacturers are making capital investment commitments for production space. The market expects to experience continued increases in warehouse demand and momentum for inventory growth, with vacancy holding steady, and a rise in lease rates.
Observable investor demand for stabilized, fully occupied assets with quality tenants remained a trend in the Upstate in 2016. As a result, cap rates have tightened, attracting institutional investors and developers to the area – particularly in the multi-residential, office and industrial sectors. New deliveries are continuing to be absorbed; however, the long-term sustainability of this trend remains to be seen.
The appetite for 1031 Exchange properties (i.e. asset swaps) has grown dramatically, and the scarcity of high-quality, cash-flow-replacement properties is affecting some sellers’ decisions to enter the market despite extremely attractive sell-side valuations.