Feb
22

Bentley Commercial: Greenville Industrial Market Improving

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– GSA Business

The expanding automotive and emerging alternative energy sectors should continue to have positives impacts on the industrial real estate market, according a year-end market report and 2011 forecast released by Bentley Commercial/Corfac International.

During 2010, the industrial vacancy rate dropped from 11% at 2009 to 10.3%, Bentley reported, and rental rates were down from $3.03 per square foot to $2.73. Net absorption slowly rebounded in the first half of the year before experiencing a 90% increase at the close of 2010. Net absorption closed the year at 526,242 square feet.

“The industrial market has been the success story for the Upstate in 2010,” said Richard Barrett, industrial broker for Bentley Commercial/Corfac International. “Activity has shown a noticeable rebound and the diversification is encouraging. With the automotive sector expanding, considerable off-shore investment and the emergence of alternative energy enterprises, the future is very promising.”

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