Jun
29

Upstate Industrial Market Continues to be Tight

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industrialAccording to reports from Colliers International and CBRE, the industrial property market, much like the office and retail markets, remains tight in the Upstate.

Over the first quarter of 2016, the total vacancy for industrial and flex space hovered at just more than 7%, and net absorption was just over 1.6 million square feet for the second consecutive quarter, according to CBRE estimates.

“While current speculative development speaks to the health of the market, the demonstrated success of new development in the present cycle could inspire a new round of speculation,” said Brian Reed, CBRE research manager, in a statement.

Colliers reported the total vacancy rate held steady due to new space being delivered vacant and that the flat rate “does not accurately depict robust interest and activity in the market.”

According to Colliers, industrial speculation construction in the Upstate includes:

  • 545 Brookshire Road in Spartanburg County, a 240,020-square-foot speculative building being developed by Beacon Partners.
  • Flatwood Industrial Park, a 363,000-square-foot industrial building being developed by Johnson Development Associates.
  • Building 1 at Logue Park, a 110,000-square-foot building in Greenville County, is complete and was developed by Cothran Properties.
  • Wingo Park in Spartanburg County — Becknell Industrial completed a 175,000-square-foot building at the park.

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    Categories : Greenville, Spartanburg

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