November Newsletter

Construction Trends in Spartanburg County

Industrial

In Q4 of 2022, 17 million square feet of industrial was under construction in Spartanburg County. This was a substantial increase from Q1 in 2021 when industrial construction was at its lowest level since 2014.

There is currently 3 million square feet of industrial projects under construction in Spartanburg County.

Industrial Construction Trends for Different Size Categories

10,000-30,000 Sq Ft

Industrial construction for projects 10-30K sq ft was at its highest level over the time period analyzed in Q1 2023. There is currently less than 20K sq ft of industrial construction projects in this square footage range reported under construction reported by Costar.

30,000-50,000 Sq Ft

Industrial projects in the 30-50K sq ft range was at its highest level in Q4 2022. Construction has made stable throughout 2024.

50,000-75,000 Sq Ft 

Industrial Construction in the 50-70K sq ft range peaked in the first half of 2023. In Q1 2023, construction reached its highest level with over 250,000 sq ft under construction. The construction in this square footage range has remained stable throughout 2024.

This newsletter looks in depth on industrial construction projects 10,000-75,000 sq ft. Feel free to reach out to discuss if you have questions about a larger size project.

Office

Office construction is currently slow. Office construction peaked in 2021. Presumably, the 2021 deliveries were projects that were in the pipeline before COVID-19. 

Retail

Retail construction has been relatively slow in 2024. There is currently 33,000 sq ft Costar reports as under construction. Retail construction was significantly higher from 2014-2018 with 2018 being the highest volume year in the past decade.

Multi family

Multi family construction peaked in 2021 and 2022. There is currently 1200 units under construction with most of those units being in West and Central Spartanburg County 

Let's Connect

If you’d like to discuss your real estate needs, let’s connect!



Emma McDaniel

864-580-1131

emma@mcdanielanco.com

Data Source: Costar

October's Poll: Which Asset Class Currently Has the Highest 12 Months Sales Volume? Answer: Industrial at $296M

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