Greenville industrial market report

Q3 2022

Vacancy remains low and strong demand over the last several quarters has resulted in a significant YOY lease rate increase.

215 msf

Inventory

With over 19.6 million square feet (sf) under construction in the Greenville/Spartanburg market, development activity is experiencing record highs.
$5.45

Direct asking rent

Average asking rents increased by 3% from last quarter and will continue to increase as vacancy rates decline.
1.7 msf

Net absorption

Total absorption has doubled since the previous quarter as companies continue to relocate to the Upstate. 
5.8 msf

Availabilities

As supply struggles to keep up with demand, availability continues to drop.
3.0%

Vacancy

Vacancy rates remain low in the market, with a decrease of 50 basis points from the previous quarter.  
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