Greenville industrial real estate market reports
The Greenville/Spartanburg industrial market saw the positive momentum from 2021 carry into 2022. As positive absorption pushes the vacancy rate lower, asking rental rates will continue to increase as demand begins to outweigh supply. This will also impact construction activity as the market will look to these projects to add much needed available space to the market.
Construction activity has significantly increased year-over-year with over 13 msf currently underway which will push the inventory total over 200 msf by the end of 2022.
The positive momentum seen in during the second half of 2021 has carried into 2022. As leasing activity remains high absorption should maintain its upward trend.
Direct asking rent
Average asking rents recorded a significant increase year-over-year, up 13.5%. Anticipated to increase further as vacancy rate declines.
The market has not seen a significant increase in available space over the past few quarters and this trend is expected to continue as leasing activity remains high.
There has been a significant decrease in the overall vacancy rate, 280 basis points, year-over-year.
After strong activity in 2021, investment sales saw a slight decline during the first quarter of 2022. It is anticipated that activity will rebound through the remainder of 2022.
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