Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
-Greenville, Spartanburg and Anderson saw positive retail absorption of 233,144 square feet in the fourth quarter of 2011, according to CoStar, and vacancy rates declined to 6.4 percent in the fourth quarter of 2011 from 6.6 percent the previous quarter.
-The Upstate Alliance reported that 2011 brought the creation of more than 5,000 new jobs and capital investment of more than $805 million in investment and expansions. The Upstate South Carolina region has already announced more than $1 billion in capital investment thus far in 2012.
-In the Greenville market, the downtown apartment activity is bustling. Hughes Investments recently delivered the Riverwalk at Riverplace, a mixed-use development that consists of 44 units as a New Markets Tax Credit deal. Davis Property Group’s 100 East project consisting of 48 units will boast a rooftop pool. Both are reported to be fully pre-leased and are good indicators for what current apartment demand looks like in our rapidly changing market. Subsequently, there are two new proposed developments with no less than 300 units combined now pursuing the downtown area.
-Banking is one sector that stands to be a high-growth industry in the local market through the end of 2013. In addition to rapidly growing CertusBank in the new ONE building, TD Bank recently announced its intention to permanently occupy the Interstate 85 campus the company acquired with the purchase of a regional bank, The South Financial Group. This removed 150,000 square feet of vacant Class A space from the market in 2011. Locally, 2012 is expected to be strong from an absorption standpoint with modest declines in vacancy. However, the Upstate is a small market, so several large transactions can swing the market wildly one way or another.
-The industrial warehouse locomotive is back on track in Upstate South Carolina. We experienced tremendous positive absorption in warehouse space in 2011 — around 1.7 million square feet — and vacancy is down to pre-recession levels at 9 percent. Vacancy has been dropping steadily from 10.8 percent since the fourth quarter of 2009, and experienced a dramatic drop in 2011. As we enter the second quarter of 2012, we hope that the unveiling confidence in the market will continue and that developers will be inclined to start new projects that will add valuable inventory to our industrial market and continue pulling full steam ahead in bringing manufacturing business here.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
