Greenville industrial real estate market reports
2Q21 highlights and trends
Greenville’s industrial sector has remained strong in the wake of the COVID pandemic. Increased e-commerce needs and market demand have fueled leasing activity and has created a buffer for the sector against negative absorption and softening rental rates.
Economic conditions
Current unemployment rates as early reopening and strong economic performance have resulted in a rate 40 percent lower than the US average.
Recovery rate
Year over year increase in manufacturing has enabled the industrial sector to recover almost triple the US average of 5.6%. Transportation and warehousing are also leading the way.
Industrial demand
Leasing for the first half of 2021 is up from the first half of 2020, at 3.3M sf, despite a nationwide decline for all asset classes that started in April of 2020.
Industrial supply
New inventory delivered during the first half of 2021. There are an additional nine (9) properties under construction at an estimated 1.0M sf.
Pricing trends
Asking rents have increased since the start of the pandemic, even as they began to soften in 2021 from their peak.
Capital markets
YTD 2021 sales volume has already outpaced 2020 totals. The metro's industrial dollar volume has hit $108M 2020 through mid-year 2021.
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