According to a CBRE analysis, Greenville claimed the fourth lowest vacancy rate for new industrial developments in the nation last year.
Of the 4 million square feet of new industrial projects built last year, 18.7% remained vacant at the time of the study, according to a news release from the real estate and investment firm. The national vacancy rate was 39% percent for more than 289 million square feet of new industrial development.
A 50% vacancy rate marks the maximum cut-off for a healthy new industrial property market, according to the release.
Greenville followed Baltimore at a 13% vacancy rate, Miami at a 12.4% vacancy rate and Kansas City, Mo., at a 7.3% vacancy rate for markets with 4 million square feet or more of new development.
"While speculative development is at an all-time high in the Greenville-Spartanburg market, the demand continues to meet and exceed the...