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 Greenville 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.
Services
| User/Occupier | Owner/Investor | Development |
|---|---|---|
| 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 | |
| Project Management | ||
Area Overview
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.
Markets
Over the past eight years, Greenville’s economic development corporations have been successful at creating stable employment growth. Manufacturing jobs continue to be created in the Upstate. Overall, growth in high-paying office jobs is slowing down. Developers have taken notice and have focused on multi-family and hotel projects, attracting national retailers to the area. These trends have increased property values and caused major tenants to put down roots outside the CBD.
OFFICE
After many years of robust growth in the office sector, demand in Greenville is challenged to keep up with supply. There are ambitious projects on the horizon that will increase the office supply. This situation has caused hesitancy among investors interested in the construction of new buildings as opposed to purchasing and giving a second life to existing ones. The Pelham Road market and Greenville’s CBD had their fair share of transactions from both in-state and out-of-state investors. Greenville is transitioning into a tenant’s market. As major projects come to completion and inventory increases, property owners may make more concessions for tenants to remain competitive. This will force owners of older buildings in the market to make some necessary improvements.
INDUSTRIAL
The Upstate industrial market recorded significant inventory growth in 2017. With positive net absorption, vacancy declining slightly and lease rates stable, these landlord-favoring conditions will persist amid increased demand from tenants.
Manufacturers are placing a priority on production capability via capital-expenditure projects, but will look to outsource warehousing needs. South Carolina Ports Authority’s planned improvements to the Charleston Port and Greer Inland Port will lead to more economic development and growth opportunities within the market.
Third-party logistics companies will be the beneficiaries of manufacturers’ production expansions with contract-driven requirements for warehouse space. Incoming and expanding manufacturers have voiced concerns regarding the labor pool, which are currently being addressed by local technical schools.
RETAIL
Fueled by growing tourism, national accolades and strong population growth, Greenville's retail market has continued to expand due to national, regional and local tenants. Downtown Greenville’s competitive restaurant scene, along with new concepts coming to market, has resulted in the closures of multiple local and regionally owned restaurants. Rents in the CBD rose in 2017, specifically within the retail sector. Suburban markets with strong population growth have seen a rise in grocery-anchored developments, which boast lower vacancy rates. Increased population and job growth, combined with stable construction activity, are expected to drive landlord-favoring conditions throughout 2018.
INVESTMENT
Greenville continues to appeal to out-of-state investors as they have seen rental rates increase in the CBD. The industrial investment market will remain strong thanks to BMW’s presence in the Upstate. The merger of Palmetto Health Systems and Greenville Health Systems has added strength to medical office investments in the area. Office and retail land owners may find it an ideal time to divest their assets as rental rates are at an all-time high, especially surrounding the CBD.
Jobs continue to be created in the Upstate through expansions in manufacturing such as BMW’s recent $600-million investment. Low unemployment numbers and increased demand for an educated, trained workforce will further the growth of the Upstate economy, benefiting retail and tourism. Office users can also be excited about new projects being delivered.