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Retail
Retail vacancy in Spartanburg County is 3.1% which is 1% lower than 12 months ago.
300,000 sq ft have absorbed in the past 12 months. There is currently 25.9M sq ft of inventory in the market with 23.8M sq ft under construction.
Rent per sq ft is $15.63 on average with a 12 month rent growth of 4.1%.
Comparing retail rent today to 5 years ago, rents have increased nearly 32%.
Office
The current vacancy rate in the office sector is 3.6% with 90,175 sq ft absorbed in the past 12 months.
The current inventory is 371,000 sq ft with 6,500 sq ft under construction.
Average asking rent is $21.21, and 12 month rent growth is 2.2%. Despite the change in office attendance since the pandemic, rents have grown almost 24% since 2019.
Industrial
The current industrial vacancy rate is 12.5%. 3,290,537 sq ft have been absorbed in the past 12 months which is higher than 2023's industrial absorption of 2,668,659.
There is currently 25.9M sq ft of industrial inventory. The average asking rent is $6.5/ sq ft, and the 12 month rent growth is a 6.8%.
Industrial rents have grown over 44% in the past 5 years; in 2019, the average industrial rent was $4.5/ sq ft.
Industrial Leasing, Absorption, and Current Inventory: Spartanburg Vs Greenville
How does industrial leasing in Spartanburg Compare to Greenville's Market?
Spartanburg's nearest alternative market, Greenville South Carolina, has a significantly lower vacancy rate of 5.7%
Average asking rent is slightly higher than Spartanburg's rent at $6.87/ sq ft, and 12 month rent growth is 7%.
Industrial rent growth over the past five years in Greenville is 44%.
Although the vacancy rate is much higher in Spartanburg than Greenville, the discrepancy can be attributed to the vacant, newly delivered large buildings in Spartanburg that are currently available. The demand for smaller industrial/flex properties is still robust. For example, the vacancy rate for industrial/flex properties 100,000 sq ft and under is 4.3%.
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