Industrial market sees record absorption, retail record vacancy

It’s no secret that demand for industrial real estate boomed during this first quarter.
But with demand comes increased costs for construction materials, delaying deliveries further and raising construction prices even higher, according to a recent market report from Colliers International.
Compared to the first quarter of last year’s 1.14 million square feet supply in the Greenville-Spartanburg-Anderson industrial market, only 419,000 square feet have been built so far during 2021. More than 3.24 million square feet of it has been absorbed — at least 2 million more square feet than during the same period last year.
“Despite new construction deliveries and fluctuations in absorption over the past 13 quarters, the Greenville-Spartanburg vacancy rate remained historically low,” Crystal Baker, Colliers’ research coordinator, said in the report. Down year-over-year, the vacancy rate was 5.8%

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