Commercial real estate in the Upstate: Pick a number, any number
July 25, 2018
For our quarterly commercial real-estate issue, the Upstate Business Journal asked local real-estate experts to choose a statistic in the Upstate market that has caught their attention. Here are their responses.
The number of Class A properties in the office market with large blocks of available space exceeding 25,000 square feet for the first time in Greenville-Spartanburg history
“This is great because it helps to ease the process for prospective tenants to choose the Upstate as a location to do business. Historically, the market has only had a few high-quality options for tenants to choose from. A tenant that is looking at the market has historically had to look to new construction, which requires a greater leap of faith than having tangible options ready for immediate occupancy. This is a great economic development opportunity for the market.” — Blaine Hart, SIOR, first vice president of CBRE | Advisory & Transaction Services
The percent of vacancies in the tight Greenville industrial market
“Office market is becoming a tenants’ market. Recently over 600,000 square feet was vacated in the suburbs. And, currently, there is almost 700,000 square feet vacant in the CBD. Rents have maintained, but we think in the coming six months rents will drop and TI and free rent will be offered more and more.” — Brian Young, senior vice president of Cushman & Wakefield | Thalhimer’s brokerage group
The cost per square foot of Class A properties in the Greenville-Spartanburg market
“The Upstate has had a significant increase in Class A availability that presents a great opportunity for corporate relocation. While the market has experienced substantial rent growth in the last five years, the market remains highly affordable when compared to other markets in the region.” — Shelby L. Dodson, LEED AP, first vice president, CBRE | Advisory & Transaction Services
The number of square feet of speculative Class A industrial space either delivered, under construction, or announced for 2018/2019
“This is just another indication of the confidence that outside developers have in our market. We continue to see more warehouse operations taking advantage of our distribution networks through the Upstate’s strategic location along I-85 and the convergence of I-26, along with our direct rail access to the S.C. Port of Charleston. The Southeast is one of the fastest-growing regions in the country, and the Upstate of S.C. is at the forefront of that growth. As the region’s population base grows, we expect to see more announcements for future developments in the coming months.” — Clay Williams, broker, NAI Earle Furman
The total number of square feet of industrial space in the Greenville-Spartanburg-Anderson Metropolitan Statistical Area
“It’s interesting to me because when you compare it to Atlanta’s 746,927,000 square feet, the Upstate, with an MSA of 1.137 million people, has 55 percent more industrial space per capita than Atlanta with 6.2 million people. This points to how robust our manufacturing, warehousing, and logistics industries are in the Upstate.” — Rob Howell, senior vice president, Avison Young
The amount Lighthouse Greenville LLC paid for the 1.147-acre Rhett & Wardlaw site located downtown Greenville; the buyer was represented by NRE Property Group’s Nick Navarro.
“NRE Property Group, together with Avison Young, has arranged the sale of corners of Rhett Street, and Wardlaw Street, across from 400 Rhett Apartments situated between Fluor Field and the Swamp Rabbit Trail. Avison Young’s Chris Fraser represented the seller, 322 Rhett Street Partners LLC, in this transaction.” — Nick Navarro, advisor | NRE Property Group LLC
NRE is a boutique real estate services firm headquartered in Greenville, South Carolina, offering a broad range of real estate services in the areas of development, brokerage, and advisory services. At the core of our services are tenant or buyer representation, repositioning of troubled assets, development/ feasibility, sales, and leasing. The firm was founded on integrity, experience, outstanding leadership and trusted performance. Our clients are high net worth investors, institutional owners and buyers, national or regional developers, small business owners, and municipalities. NRE is committed to service and results beyond the standard. To accomplish this, we provide clients with senior-level attention, comprehensive knowledge, detailed preparation and analysis, and top-level industry relationships. The success of NRE is a direct reflection of our unwavering dedication to our work and our clients.To find out more, visit nrepg.com