Colliers International, the global real estate services company, has picked the Upstate as one of 10 U.S. industrial property markets to watch in 2017.
Colliers says in a new report that plentiful land for development and proximity to the ports of Charleston and Savannah has some calling the Greenville-Spartanburg-Anderson market the “Inland Empire of the East Coast,” a comparison to southern California.
The report says Inland Port Greer, a freight-handling facility in Greer operated by the State Ports Authority, has been “attracting a diverse group of tenants to the area.”
Robust demand from the distribution, automotive and manufacturing industries led to a record 8.5 million square feet of new industrial property construction in Greenville-Spartanburg-Anderson last year, according to Colliers.
The company said industrial tenants absorbed more than 7.7 million square feet of space along the Interstate 85 corridor last year, more than double the previous record in 2007.
The other industrial property markets Colliers says are worth watching this year are Columbus, Denver, greater Phoenix, Indianapolis, Kansas City, Memphis, Nashville, Tampa Bay, and Shenandoah Valley, Virginia.
“While core industrial markets in New Jersey/Pennsylvania, the Inland Empire, Atlanta, Chicago, Houston and Dallas will continue to thrive, we believe these 10 emerging U.S. industrial markets are positioned to experience the most robust increases in demand from both occupiers and owners,” Colliers says in the report.
“Each of these markets is unique, but they share advantages such as nearby logistics hubs, attractive rental rates, land available for development, large nearby populations, pro-business atmospheres and skilled workforces.”
Read the full report at http://colliers-emergingindustrial.brandcast.com.