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Sales
In the past twelve months, industrial sales were $296M. This is higher than the 2023 sales volume of $273M. In South Carolina, industrial sales volume this year was $1.4B.
Leasing
In 2024, the net absorption was 5,686. Last year, net absorption in Spartanburg was almost 4M sq ft. Leasing activity has been sluggish due to the wave of new inventory that hit the market as demand began to cool.
Across South Carolina, the net absorption was negative 1,867,986 which is a substantial decrease from the positive net absorption in 2023 of over 13.3M sq ft.
End of Year Industrial Data
Vacancy 16%
Cap Rate 9%
Sales Price Per Square Foot $66
Lease Rate Per Square Foot $6.66
Broker Insight
Industrial supply has outweighed the demand during 2025. While the overall industrial vacancy rate is currently 18% in Spartanburg County, the vacancy rate is much higher for larger industrial properties.
For example, the vacancy rate for industrial and flex properties 25,000 sq ft and under is 4.1%. The vacancy rate for industrial under 100,000 sq ft is 4.7%.
Meanwhile, the vacancy rate for industrial and flex over 100,000 sq ft is 19.5%.
Leasing has been sluggish this year, especially for the larger industrial buildings.
We have seen a sizeable tenant and user demand for smaller flex and industrial buildings (30,000 sq ft and under) that have outdoor storage available. This land- building combo is difficult to find.
Many investors have Greenville/Spartanburg on their radar as a target market for acquisitions. Several groups have shifted their focus to purchasing smaller buildings to match the tenant demand in our market.
Looking to connect to discuss your commercial real estate needs?
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