Standing Out in a Shifting Industrial Market
The industrial real estate market in Spartanburg County is seeing some important shifts. After a building boom in 2022 and 2023, vacancy spiked—from a tight 3.7% in 2022 to 12.1% in 2023, to a peak at 15% in 2024.
But now? Things are slowly absorbing. Vacancy has declined to 11.3% year-to-date and is projected to keep dropping. Rent growth is up 3.7% YTD, and asking prices have held steady at around $71 per square foot. Simply put, Upstate has been working through the inventory added over the last couple of years.
With that said, transaction volume is slower, and it takes more to make an industrial property stand out today than it did just a few years ago. Here are four practical ways owners can separate their property from the pack:
1. Physical Appearance Still Counts
Even though industrial real estate is all about function, appearance matters. Fresh paint, clean loading areas, proper lighting, and good signage go a long way in helping your property feel professional and well-maintained.
2. Offer an Incentive
Landlords sometimes hesitate to offer even small concessions—like a month of free rent or a $1/SF discount. But if your space sits empty for a few extra months, lost rent can cost far more. Incentives help get the deal done faster!
3. Improve Functionality
For example, many users today are looking for industrial outdoor storage (IOS)—and if your property can offer that, it’s a big plus. Whether it’s a fenced yard, gravel lot, or excess land nearby, highlighting that feature can drive more interest.
4. Listen to Feedback
If multiple prospects flag the same concern, take it seriously. If it’s fixable, fix it. If it’s not, be upfront about it. Transparency helps move conversations forward.
As brokers, we’re actively working to get our listings in front of the right buyers and tenants. In today's market, waiting for the phone to ring isn't enough. We’re using video marketing, picking up the phone and calling prospects, sending targeted direct mail, and being responsive to inquiries. Taking action is how properties get leased or sold!
Industrial Real Estate Snapshot
Data for Spartanburg County
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