How is Commercial Real Estate Performing in Spartanburg Compared to US Trends?

Let’s take a moment to review how each asset class is performing in Spartanburg, S.C. relative to overall US trends.

If you’re an owner looking to sell, an investor/user looking to purchase, or an individual interested in Spartanburg’s economy, I will break down the key trend to know for each asset classes’ performance in Spartanburg.




OFFICEVacancyPrice Per Sq Ft (Buy)Price Per Sq Ft (Lease)Cap Rate


Office in Spartanburg is fairing much better than national averages.

The vacancy rate is around 1/3rd of the national vacancy rate of 13.4%, and office affordability is much better in Spartanburg.




INDUSTRIALVacancyPrice Per Sq Ft (Buy)Price Per Sq Ft (Lease)Cap Rate


Although the industrial vacancy rate in Spartanburg is significantly higher than the US averages, the higher vacancy rates are concentrated in the higher square footage industrial buildings.

The overall industrial vacancy rate in Spartanburg is 10.9%. Now, let’s break this down into big and small industrial buildings. In the 100,000 or more sq ft range, the industrial vacancy rate is 13.1%  (compared to 2.9% vacancy last year this time). However, for industrial buildings less than 100,000 sq ft, the current vacancy rate is 4.8%.

The large spike in vacancy is due to a wave of new large industrial buildings that hit the market just as the economy began to cool.

Overall Spartanburg is a more affordable market than many other US cities for industrial real estate, and the small industrial market is still thriving.


Multi Family


MULTI FAMILY VacancyPrice Per UnitRent Per UnitCap Rate


Spartanburg has been met with a large quantity of new multi family units over the past few years. Inventory has grown from 10,666 units in 2019 to 15,198 units currently.

The vacancy rate in Spartanburg is over double the national average; new inventory is not absorbing quickly. Despite the high vacancy, cap rates are slightly below national averages.




RETAILVacancyPrice Per Sq Ft (Buy)Price Per Sq Ft (Lease)Cap Rate


Retail in Spartanburg is doing quite well with a low vacancy of 3.1%. Retail is much more affordable in Spartanburg compared to the national average, and cap rates are higher.

Although a higher cap rate suggests higher risk, it also means higher return on the investment.



Overall, real estate  in Spartanburg is less expensive than national averages, and cap rates trend higher (except for multi family).

Considering Spartanburg is the 12th fastest growing metro area according to US News and World Reports,  there is opportunity for commercial real estate to continue to appreciate as more population growth drives demand for the different asset classes.


If you’d like to discuss this blog or anything related to commercial real estate, let’s connect!

Emma McDaniel

VP, Commercial Real Estate




Costar Data

The Fastest Growing Places in the U.S. in 2023-2024 | Real Estate | U.S. News (

Emma McDaniel Commercial Real Estate Agent
Emma McDaniel

Hello! My name is Emma H. McDaniel and welcome to my real estate blog. As a Business Economics major at Wofford College, a third generation in my family to be a real estate agent, and a woman who has a great love for our community, I am looking forward to sharing with you what I discover as I engage with people, explore places, and learn about different sectors of our market.

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