Industrial spec building surges into 2015
January 15, 2015Having just celebrated the strongest year ever in terms of announced capital investment, the Upstate has no intention of slowing down. As demand in the Upstate market continues, both public and private entities are stepping up to make sure their communities have the right product to attract new and expanding industry. Included here is a partial list of available propertyin the Upstate market.
The following is an excerpt from an article in the January 19, 2015 issue of GSA Business:
Industrial spec building surges into 2015
by Bill Poovey
Investors, real estate brokers and economic developers say a surge in industrial sector speculative building in the Upstate shows no sign of slowdown after what they are assessing as a record 2014. While some economists say a slowing global economy may affect demand for relocation and expansion space this year, the spec sector’s movers and shakers say the Upstate has become a hot spot on the manufacturing landscape.
Jim Hill, research manager at the Greenville Area Development Corporation said, “overall activity is probably the best it has been since the Great Recession, just the number of projects we see. I don’t see anything on the horizon that would keep us from continuing on a good pace.” He described the spec building in 2014 as “something that we have needed. It starts with spaces.”
Speculative building isn’t just happening in Greenville and Spartanburg counties, which have sprouted privately-financed spec projects lured by the close proximity to Michelin North America headquarters, BMW Manufacturing Co., and General Electric and to interstate access and cargo shipping facilities at the S.C.. Inland Port and the Greenville-Spartanburg International Airport. Anderson County and Cherokee County have joined the spec race with plans for publicly-financed manufacturing spec projects. Oconee County is on the verge of landing a Michelin expansion at an industrial park the county developed among several government-financed, job creating projects.
Hill an NAI Earle Furman brokers Grice Hunt and Ford Borders said automotive continues to be the top attraction but the region’s diversity is growing in the areas of advanced materials, aviation and aerospace, biosciences, logistics and distribution, datacenters and corporate headquarters.
“I wouldn’t say it’s just Greenville. It is much more regional in terms of the I-85 corridor,” Borders said. He said “each county kind of plays off each other. It is a combination of efforts. Automotive is certainly a critical component of it, but there are five different sectors: advanced materials, rubber and carbon fibers, aerospace and bioscience. Those are the main ones.”
Here is a partial list of speculative product-both sites and buildings-in the Upstate:
For a list of all available properties in the Upstate, visit our Property Navigator.
Abbeville County
- 60,000 sq ft spec building (expandable to 200,000 sq ft)
Anderson County
- Planned 50,000 sq ft spec building (expandable to 200,000+ sq ft)
Cherokee County
- Possible 50,000 sq ft spec building
Greenville County
- 200,000+ sq ft spec building expandable to 330,000+ sq ft
- 90,000 sq ft spec building (plus 110,000 planned)
- 306,000 sq ft spec bulding (plus 240,000 sq ft planned)
Greenwood County
- Possible 100,000 sq ft spec building
- Certified: Nicholson Industrial Site (453 acres)
- Certification in progress: 500 acre rail site/park and a 150 acre industrial park
Laurens County
- Owings Industrial Park: 50,000 sq ft spec building
- Hunter Industrial Park: 118,000 sq ft building pad
Oconee County
- 300,000 sq ft pad ready site expandable to 500,000 sq ft
- 50,000 sq ft pad-ready site expandable to 200,000 sq ft
- Certified: Oconee Industry & Technology Park (300 buildable acres)
- Certification in progress: Seneca Rail Site (111 acres), Golden Corner Commerce Park (300 buildable acres)
Spartanburg County
- Wingo Park: planned 175,000 sq ft spec bulding
- Corporate Center: 50,000 sq ft spec building
- Caliber Ridge (Greer): 156,000 sq ft multi-tenant spec building
Union County
- 60,000 sq ft spec building expandable to 165,000 sq ft
- Certified: Midway Green Industrial Park (102 acres) and Trakas Industrial Park (164 acres)