Colliers Report: Speculative development increasing to meet demand
Commercial Real Estate Research & Forecast Report Q3 2021 Greenville-Spartanburg Industrial
E-commerce orders have increased significantly year-over-year for the last several years and exponentially during the last two. In response to increasing demand throughout South Carolina, an uptick in manufacturing and distribution has become feasible due to ongoing infrastructure improvements, convenient logistics, increased coastal and inland port volume capacity and speed-to-market building deliveries. This unprecedented industrial demand is prompting industrial developers to begin new construction at a rapid pace.
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New speculative construction is underway to accommodate demand and is being absorbed quickly
There are currently 7.1 million square feet of industrial buildings under construction and another 4.95 million proposed to be built
There are currently 7.03 million square feet of industrial buildings under construction and another 5.43 million proposed to be built as opposed to one year ago when there were only 3.62 million square feet under construction. In addition, many of the buildings that were delivered this year have already been absorbed and new construction was necessary to meet continued demand.