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Spartanburg, S.C. Industrial Real Estate Trends

In Spartanburg, S.C., there is currently 111 million square feet of industrial real estate inventory.

Vacancy

The current vacancy rate is 9.9%, which is a significant increase from the 3% vacancy rate in early 2022.

However, the vacancy rate varies significantly across different types and sizes of industrial properties.

There is a lot to say about industrial real estate lately. South Carolina has recently been hit with a wave of new inventory just as demand begins to cool.  The statewide industrial availability rate is 9.5% with 11.4 million square feet of new industrial inventory and 40 million square feet currently under construction.

The Upstate currently has a strong industrial real estate market relative to historical trends and national averages, although there has been a slow down since 2022.

There is currently 107 million square feet of industrial inventory in Spartanburg, S.C. with 14.7 million square feet is currently under construction. Spartanburg continues to out perform national averages in rent growth and cap rates while being significantly less expensive than the national average.

The industrial market is still strong in the Upstate of South Carolina. Although the spike in interest rates has slowed industrial growth slightly, over 15.5 million industrial SF will be delivered in the next few quarters in Spartanburg.