The Greenville office market witnessed an active year in 2021. A significant decline in the unemployment rate from the high level recorded during the pandemic, led to strong leasing activity and the market to end the year with positive absorption. Average asking rental rates saw an increase as well, reaching a record high at the end of the year. Leasing and investment sales activity is anticipated to increase in 2022 as companies finalize their RTO options and investors renew their interest in the market.
Economic conditions
Current unemployment rate in the Greenville/Spartanburg MSA as reopening efforts have resulted in a rate that sits below the US average by 160 bps.
Recovery rate
Overall increase in manufacturing, wholesale trade, and transportation and warehousing jobs for Greenville MSA in 2021. Employment in the manufacturing sector is leading the job growth in the region, with a 6.1% increase in employment in 2021.
Industrial demand
Given the strong demand through Q3 2021, it is expected that leasing activity for the year will surpass the total leasing volume of 7.9 MSF achieved in 2020.
Industrial supply
Current industrial vacancy rate for Greenville in 2021, down from the 2020 rate of 6.9%. This increase in leasing activity has been a result of the growth in manufacturing and logistics in the Upstate region.
Pricing trends
Asking rents have slightly decreased since the start of the pandemic, but as the Upstate region continues to see high demand and expand as an industrial hub, we may see an increase in pricing by the end of 2021.
Capital markets
YTD 2021 sales volume has already more than doubled 2020 totals.
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