Lee & Associates Releases Upstate CRE Report


As the aftermath of the recession unfolds, the real estate sector continues its slow rebound. Vacancy is down in the office market and up in the retail market. Large industrial space continues to be in high demand in the Upstate, according to Lee & Associates’ mid-year report.

The Upstate has 3,814 buildings, equaling about 172.7 million square feet, for the industrial warehouse market, according to Lee & Associates’ inventory. The Upstate struggles to have buildings equipped to meet manufacturer’s needs of today.

Lee & Associates’ industrial warehouse market includes Greenville, Spartanburg, Anderson, Laurens, Pickens and Cherokee counties. The region experienced 1.4 million square feet in industrial absorption in the second quarter of 2012, which is the highest since the construction boom in 2008. The industrial market’s vacancy rate is at 9.4%.

The only new building delivered to the market in the first half of 2012 was the roughly 950,000-square-foot ZF Transmissions building in Laurens County.


Be Sociable, Share!

    Comments are closed.