Jul
19

Industrial Absorption Up in Upstate Market

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avison young logoYear-over-year industrial absorption in the Upstate climbed from 4% in the first quarter of 2016 to more than 9% in the first quarter of 2017, according to a report from Avison Young.

From the first quarter of 2016 to the first quarter of 2017, nearly 800,000 square feet of industrial space was completed in the market, but the amount of industrial space under construction has dropped to under 100,000 square feet during Q1 2017.

While absorption has risen over the last year, vacancy has remained steady at around 6.9% year over year.

“Vacancy rates have not changed significantly with the amount of new inventory coming to the market,” the report said.

The report noted that the region continued to see build-to-suit projects and the expansion of facilities already in place in the first quarter.

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Categories : Greenville, Spartanburg

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