Industrial buildings in Greenville-Spartanburg are getting smaller
- Greenville-Spartanburg has been a hub for new industrial development in recent years. Since 2020, roughly 50 million square feet (msf) has been delivered. Much of these deliveries have been in speculative big-box projects.
- More recently, the market has trended toward smaller buildings. A majority of buildings that have been delivered or are set to deliver this year are sub-250,000 square feet (sf). Over 60% of the square footage with a 2025 build date is under that threshold. The average building size is also down, hovering around 150k sf.
- Industrial developers recognize low vacancy and rising rental rates for smaller properties offers an opportunity, though rising construction costs continue to drive headwinds for the market. Due to the challenge of financing speculative builds, most projects moving forward are anticipated to be build-to-suit, at least for the near future.
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