Vacancy rates drop across Upstate commercial sectors | Greenville Real Estate Special Coverage
The Greenville area’s industrial, retail and office sectors all saw vacancy rates fall in the first quarter of 2022 as the region’s commercial market continues to make strides in the aftermath of the pandemic, according to reports issued by a local commercial real estate firm.
The region’s industrial sector continued to set the pace as vacancy rates fell to 3.6 percent in Spartanburg County and 4.4 in Grenville County, according to NAI Earle Furman. Rent in Spartanburg, which leads the region in industrial development, is growing at an annual rate of 12.5 percent, outpacing both historical norms and the average in the United States. Spartanburg also accounted for 70 percent of industrial leased square footage in the Greenville-Spartanburg area over the past year, and its proximity to interstates and Inland Port Greer have driven roughly $720 million in sales volume over the same span.
The retail sector also continued to recover, particularly within central business districts. Vacancy in downtown Greenville fell to 5.9 percent in the first quarter of 2022 after being at 6.9 in the fourth quarter of 2021, while vacancy in Spartanburg’s downtown and west side dropped from 5.4 percent to 4.7 percent over the same span. Retail rents in Spartanburg were rising at a 4.7 percent annual rate during the first quarter, and have posted an average annual gain of 2.4 percent over the past three years.
Office vacancy rates in Greenville are higher, but trending in the right direction. The city’s downtown and west end reported a vacancy rate of 10.7 percent in the first quarter of 2022, as opposed to 11.4 percent in the fourth quarter of 2021. While Spartanburg’s office vacancy rate was just 3.1 percent (down from 7), the county has far less office inventory—7.5 million square feet compared to 27.6 million in Greenville.
And more office space is coming. “Construction is on the rise in Greenville, driven by a few large adaptive reuse and conversion projects,” the report stated. “About 760,000 (square feet) of office space is currently under construction in Greenville.”
Greenville food scene recognized
Barely a month after it was recognized as the South’s “city on the rise” by Southern Living, Greenville has earned another distinction from another prominent magazine. This time it’s Food & Wine, which named Greenville among its “Small Cities with Big Food Scenes” in its issue celebrating the nation’s next great food cities.
“Once a sleepy mill town, today Greenville hums with culinary energy,” writer Josh Miller penned in the magazine. “Thanks to the nearby headquarters of BMW and Michelin stimulating the local economy and attracting a culturally diverse workforce, restaurant menus are inventive and constantly evolving.”
The restaurants mentioned include The Anchorage, Camp, The Commons food hall, Methodical Coffee, The Trappe Door, Society Sandwich Bar and Social Club, Swamp Rabbit Café and Grocery, Tandem and Topsoil Kitchen and Market. The “smaller” cities were those with populations less than 60,000, according to the magazine, which also mentioned Charlottesville, Va.; Biddeford, Maine; and Bozeman, Mont.
[Read more about the latest in Greenville’s food scene from our newsroom in the Upstate.]
Collier’s team facilitates office move
Three members of the Greenville office brokerage team at Colliers South Carolina represented an accounting firm in its move to a new office in Asheville, NC
Brantley Anderson, Taylor Allen and Bailey Tollison represented Carter PC in the lease of a 5,967-square-foot office at 301 College St. in Asheville. John Spake of Spake Real Estate represented the landlord. Carter also has offices in Greenville and Charlotte.
Anderson, Allen and Tollison, who specialize in landlord and tenant representation, also represented Carter in the lease of 1,791 square feet of office space in downtown Greenville in October 2020.
Builders now face shortage of cement
First it was lumber, then it was appliances, then it was windows. Now home builders in the Upstate are being hamstrung by yet another shortage—this of cement.
The president of one concrete company with locations in Inman and Travelers Rest told WHNS-TV of Greenville that he was operating at about 60 percent of normal. According to the trade publication Global Cement News, the shortage is the result of high demand for commercial projects, while a lack of cement truck drivers is making the problem worse. Cement is the primary ingredient used to make concrete.
WHNS reports that cement orders are needing two weeks’ lead time, and that at least one concrete company is contemplating cutting back to a four-day work week until the shortage has passed.
Upstate firms welcome new agents
Taylor Jordan of the Jordan Property Team has joined Allen Tate Realtors, highlighting recent moves among agents in the Greenville area.
Elsewhere, Wilson Associates Real Estate welcomed Jorge Piza and Vivian Haney. Piza is fluent on both English and Spanish, while Haney’s personal real estate experience has involved buying investment and vacation properties. And Berkshire Hathaway HomeServices C. Dan Joyner Realtors recently welcomed to his Anderson office Veronica Henderson, an Anderson native and University of South Carolina graduate who brings 25 years of sales experience from a variety of fields.
Also, Coldwell Banker Caine has added Dana Lee and Tony MacDonald to his Spartanburg office. Lee is a lifelong Spartanburg resident who comes from accounting and human resources, while McDonald is a Massachusetts native who spent 12 years as an English teacher.
Circle of Excellence honorees named
Coldwell Banker Caine recently recognized his top agents from March through inclusion in the company’s Circle of Excellence program. The distinction is awarded to agents who reach $1 million in listing or closing volume, of four units listed or closed.
Those honored included: Andy Turner, Anna Tatum Swing, Annette Starnes, Beth Beach, Brenda Brooks, Caroline Croft, Cathy Pinion, Cyndi Coleman, David Hurst, David Seaver, Donna Morrow, Faith Ross, Francie Little, Gene DuBois, Greg Norris, Heather Young, Heidi Putnam, Holly West, Hunter Hurst, Jacob Mann, Jason Brackins, Jennifer Simms and Jimmy Fuqua.
Also honored were Karla Alvarez, Kiersten Bell, Kim Eades, Kim Johnson, Kimber Roberts, Kristi Moon, Linda Moore, Marshall Jordan, Meredith Tye, Misty Hardaway, Rhonda Kirby, Rhonda Porter, Shelbie Dunn, Stephanie Burger, Steve Babb, Steven Mussman , Susan Gallion, Susan Murphree, Susie White, Suzanne Cook, Teresa Jones, Thomas Cheves, Tracey Cappio, Tracy James, Tracy Kiker, Victor Lester and Virginia Hayes.