Greenville-Spartanburg industrial market report
Q4 2024
The Greenville/Spartanburg industrial market saw a significant increase in activity at the end of 2024. Leasing activity saw the strongest fourth quarter since before 2020. Construction activity is following the national trend and has begun to cool which will help the market’s vacancy rate stabilize. There has been an uptick in available sublease space coming on the market but appears to be partially due to tenants right sizing from the large leases they signed in 2021 when they needed extra space due to Covid demand. If construction activity continues to decline, and leasing activity remains strong, then the market should continue this positive momentum into 2025.
8.4 msf
Leasing
Leasing activity saw an increase in 2024 after two years of a decline, recording 8.4 msf of new leases during the year.
7.5 msf
Construction
Construction activity significantly slowed in 2024, with a total of 7.5 msf of new inventory entering the market.
110 bps
Sublease
Available sublease space saw a sharp increase in 2024, up 110 basis points year-over-year partially due to tenants right sizing from Covid space increases.
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