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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On the heels of opening of a new terminal in Charleston, the S.C. Ports Authority today announced plans to expand Inland Port Greer a pair of developments drawing praise from some players in the manufacturing and logistics sectors.
The installation of Charleston’s Hugh K. Leatherman Terminal has already spurred one Upstate-based logistics company, Greer-based TA Logistics, to consider doubling or tripling his personnel over the next 12 months.
Swafford Transport and Warehousing, a logistics company with several foreign-trade zone warehouses within a few miles of the inland port, also has seen a sign of greater things to come.