Greenville’s commercial real estate landscape has been experiencing a mix of robust growth and moderating conditions across property types, reflecting the region’s economic vitality and evolving market dynamics.

Industrial Market

Greenville’s industrial market remains one of the strongest performers, fueled by the area’s strategic location along the I-85 corridor. The overall industrial vacancy rate was 5.2%, down from 5.9% in the previous quarter. Net absorption totaled over 1.1 million SF, driven by demand from e-commerce, logistics, and manufacturing companies. However, the development pipeline has been elevated, with 3.4 million SF under construction. Average asking rents rose to $6.75 per SF triple-net.

Office Market

The office sector in Greenville has faced headwinds, with vacancy rising to 12.8% in Q4 2023. However, Class A properties have remained relatively tight at 9.2% vacancy. Average asking rents were $25.67 per SF gross for Class A space. Major developments like Camperdown and the Grand Bohemian mixed-use project are adding new inventory to meet demand for modern, amenitized space.

Retail Market

Greenville’s retail market has exhibited resilience, with an overall vacancy rate of 4.9% as of Q4 2023. Grocery-anchored centers continue driving activity, while lifestyle/experiential retail destinations like Magnolia Park have gained traction. Average asking rents for anchors were $16.50 per SF NNN, while small shop space commanded $24 per SF NNN.

Multifamily Market

Apartment fundamentals in Greenville have moderated but remain healthy overall. Data shows the metro occupancy rate was 93.8% in Q4 2023, with annual effective rent growth of 4.1%. Over 2,800 new units were delivered in 2023, with another 4,500 units under construction. Urban core submarkets like Downtown Greenville have seen the strongest rent growth.

Hotel/Hospitality Market

Greenville’s hotel sector has rebounded strongly post-pandemic. According to STR, revenue per available room (RevPAR) increased 14.3% year-over-year through Q3 2023, reaching $92.41. The metro’s occupancy rate averaged 71.2% over the same period. Several new hotels opened in 2023, including the Grand Bohemian Hotel and the AC Hotel Greenville Downtown, adding over 400 keys to the market’s inventory.

Self-Storage Market

Self-storage has exhibited robust fundamentals in the Greenville market. Per industry data, the metro area contained over 5 million square feet of self-storage space across 180

facilities as of early 2024. Physical occupancy averaged 92.5%, with street rates for 10×10 climate-controlled units around $135 per month. Development has been active, with around 300,000 SF of new supply delivered in 2023 across 6 newly built facilities.

Why Greenville for Your Next CRE Move?

SVN Blackstream advisors can help you answer the question. Greenville’s commercial real estate market continues to capitalize on the region’s pro-business environment, population growth, and strategic geographic position. While certain sectors face short-term challenges, the overall market outlook remains positive, supported by Greenville’s diverse economic drivers and quality of life amenities attracting new residents and businesses.