The Greenville area’s industrial, retail and office sectors saw lower vacancy rates in the first quarter of 2022 as the area’s commercial market continues to make strides in the wake of the pandemic, according to reports from a local commercial real estate company.
The region’s industrial sector continued to set its pace as vacancy rates fell to 3.6 percent in Spartanburg County and 4.4 percent in Greenville County, according to NAI Earl Foreman. Rent in Spartanburg, which leads the region in industrial development, is growing at an annual rate of 12.5 percent, exceeding historical and average standards in the United States. Spartanburg also acquired 70 percent of the leased industrial space in the Greenville-Spartanburg region over the past year, and its proximity to the highways and within Port Greer has driven nearly $720 million in sales during the same period.
The retail sector also continued to recover, particularly in the central business districts. Vacancies in downtown Greenville fell to 5.9 percent in the first quarter of 2022 from 6.9 percent in the fourth quarter of 2021, while vacancies in downtown Spartanburg and the West Side fell from 5.4 percent to 4.7 percent over the same period. Retail rents in Spartanburg rose at a 4.7 percent annual rate during the first quarter, and posted an average annual gain of 2.4 percent over the past three years.
Greenville vacancy rates are higher, but they are heading in the right direction. Downtown and the West End reported a vacancy rate of 10.7 percent in the first quarter of 2022, compared to 11.4 percent in the fourth quarter of 2021. While the Spartanburg office vacancy rate was only 3.1 percent (less than 7), the county has Much less office inventory – 7.5 million square feet compared to 27.6 million in Greenville.
And more office space to come. “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.”
The food scene has been recognized in Greenville
Barely a month after being recognized as the “rising city” of the South by Southern Living, Greenville earned another distinction from another prominent magazine. This time, Food & Wine, which named Greenville its “small towns with big food scenes” list, came up with its release to celebrate the country’s next great food city.
“Greenville was once a sleepy town, today humming with culinary energy,” writer Josh Miller wrote in the magazine. “With the nearby headquarters of BMW and Michelin stimulating the local economy and attracting a culturally diverse workforce, the restaurant menus are innovative and constantly evolving.”
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 fewer than 60,000 residents, according to the magazine, which also mentioned Charlottesville, Virginia; Bedford, Maine; and Bozeman, Mont.
[Read more about the latest in Greenville’s food scene from our newsroom in the Upstate.]
The Colliers team facilitates office relocation
Three members of the mediation team at the Greenville office in Colliers, South Carolina represented an accounting firm in its move to a new office in Asheville, North Carolina.
Brantley Anderson, Taylor Allen, and Billy Tollison represented Carter PC in a lease agreement for a 5,967-square-foot office at 301 College St. in Asheville. John Speke of Spake Real Estate represented the owner. Carter also has offices in Greenville and Charlotte.
Anderson, Allen and Tollison, who specialize in landlord-tenant representation, also represented Carter on a lease of 1,791 square feet of office space in downtown Greenville in October 2020.
Builders are now facing a cement shortage
At first it was the wood, then the hardware, then the windows. Now home builders in the north of the state are experiencing another shortage – this shortage of cement.
The president of a concrete company with sites at Inman and Travelers Rest told WHNS-TV in Greenville that he was working about 60 percent of normal. According to the trade publication Global Cement News, the shortage is caused by high demand for commercial projects, while the shortage of cement truck drivers is making the problem worse. Cement is the primary ingredient used in making concrete.
WHNS reports that cement orders need a two-week lead time, and that at least one concrete company is considering reducing the workweek to four days for the shortage to pass.
Companies located in rural areas welcome new agents
Taylor Jordan of Jordan’s real estate team has joined Allen Tate Realtors, highlighting recent moves among agents in the Greenville area.
Elsewhere, Wilson Associates Real Estate welcomed Jorge Pisa and Vivian Haney. Pisa is fluent in both English and Spanish, while Hani’s personal real estate experience has included buying investment properties and vacation properties. Berkshire Hathaway HomeServices C. Dan Joyner Realtors recently welcomed into its Anderson office Veronica Henderson, an Anderson native and University of South Carolina graduate with 25 years of sales experience from a variety of fields.
Caldwell Banker also added Ken Dana Lee and Tony MacDonald to its Spartanburg office. Lee is a lifelong Spartanburg resident coming from Accounting and Human Resources, while MacDonald is a Massachusetts native and has spent 12 years as an English teacher.
Nomination of the Honored Circle of Excellence
Coldwell Banker Caine recently honored its top dealerships beginning in March by being included in the company’s Circle of Excellence program. This privilege is granted to agents who have reached $1 million in listing or closing volume, from four listed or closed units.
Those honored include: Andy Turner, Anna Tatum Swing, Annette Starns, Beth Petsch, Brenda Brooks, Caroline Croft, Cathy Binion, Cindy Coleman, David Hurst, David Seaver, Donna Morrow, Faith Ross, Francie Little, Jane Dubois, Greg Norris, Heather Young, Heidi Putnam, Holly West, Hunter Hearst, Jacob Mann, Jason Brackens, Jennifer Sims and Jimmy Fuqua.
Carla Alvarez, Kirsten Bell, Kim Eades, Kim Johnson, Kimber Roberts, Kristi Munn, Linda Moore, Marshall Jordan, Meredith Tay, Misty Hardaway, Rhonda Kirby, Rhonda Porter, Shelby Dunn, Stephanie Burger, Steve Babb and Stephen Mosman were also honoured. . Susan Galleon, Susan Murphrey, Susie White, Susan Cook, Teresa Jones, Thomas Chiefs, Tracy Cabello, Tracy James, Tracy Kicker, Victor Lister and Virginia Hayes.