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Greenville’s industrial market thrives on the automotive industry and an advantageous location with quick access to interstates, population centers, and ports. An increase in consumer spending and a structural shift toward e-commerce have combined to boost industrial real estate activity here and in neighboring Spartanburg.

Greenville’s retail market rebounded in early 2022. Vacancy rates stabilized with strong performance from discounters, grocers, and other essential services, while population growth in the market and consumer spending remained substantial.

While the Greenville-Spartanburg area is known for its manufacturing and distribution prowess, Greenville’s urban core has earned national attention as an example of successful downtown redevelopment, which has attracted financial services and professional firms.

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It is with great enthusiasm that we approach what we hope is the light at the end of the COVID-19 tunnel. While it is clear that COVID-19 has reshaped our lives, the specifics of that transformation, particularly on our workplaces are less clear. As of now questions like; do we have full offices? Can we fill the empty office buildings throughout our state? What does the future office layout look like? What is a ‘work week’ going to be? At this point, all these remain unanswered.

There were nearly 1.3 million square feet leased during the first quarter of 2022, the highest amount in six quarters. Robust leasing pushed net absorption to 41,568 square feet, although still positive, the level is down from the same time last year. The overall vacancy rate is down year-over-year, finishing the first quarter at 2.3%, off from 2.7% at the end of 1Q2021.

Atlanta continues to show signs of an economic recovery. Leasing volume continues to expand, demonstrating confidence in the return to office occupancy. In addition, large corporations including Microsoft, Google, FanDuel, Visa, Cisco, Norfolk Southern, Deluxe Corp, Papa John’s, Mailchimp, Carvana, and Airbnb are all in the process of adding thousands of high-paying office jobs in Atlanta.

Industrial leasing volume has surged in Atlanta over the past few quarters. Third-party logistics firms and e-commerce fulfillment providers account for many new deals. The metro area benefits from its role as a regional and national distribution hub, the growing Port of Savannah, and its strong local demographic trends.

Seoul Office Market Review (Feb 2022)

Seoul Office Market Review (Jan 2022)