Spartanburg’s Industrial Real Estate Boom: A Decade of Transformation
Spartanburg County, once considered a secondary market for industrial real estate, has grown significantly in the past 10 years.
From Modest Beginnings to a Thriving Hub
Just ten years ago, Spartanburg’s industrial inventory stood at approximately 80-85 million square feet, with modest rents. Today, the landscape is dramatically different. The county has seen its industrial inventory increase by tens of millions of square feet, accompanied by a doubling of rents and sales prices.
Key Drivers of Unprecedented Growth
Several factors have fueled Spartanburg’s industrial real estate boom:
•The Inland Port of Greer: This crucial infrastructure development has been a game-changer, providing a direct and efficient connection to the Port of Charleston. This connectivity has significantly enhanced Spartanburg’s appeal as a logistics and distribution hub.
•Competitive Costs: Compared to more established industrial centers like Raleigh, Charlotte, and Atlanta, Spartanburg offers more competitive pricing, attracting businesses seeking cost-effective solutions without compromising on strategic location.
•Major Industry Presence: The presence of global manufacturing giants such as BMW and Michelin North America creates a robust demand for suppliers and smaller industrial users, fostering a vibrant ecosystem of related businesses.
A Resilient Market with a Bright Future
Despite a temporary spike in vacancy rates, the industrial demand in Spartanburg County remains strong, with rates now on the decline. This resilience underscores the market’s fundamental strengths and its continued attractiveness to industrial enterprises.
Considering your next commercial real estate transaction? Let’s connect!
Emma McDaniel Lunning, CCIM, emma@mcdanielandco.com
(864) 576-4660
