The Upstate, South Carolina
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- Julius Edwards
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1 The Upstate, South Carolina Investment Progressing with Infrastructure and Manufacturing Expansions Following a trend started in 2015, net absorption remains positive, but has slowed pace in the last two quarters. Vacancies and lease rates have shown little change from previous quarters. However, the South Carolina Ports System, infrastructure improvements and capital expenditures in manufacturing continue to support the Upstate industrial market. Investors remain in search of opportunities to buy large, single-occupant facilities with long-term lease. Value-add sites are in short supply and when available require creativity and re-investment, making them suitable for long hold. The US Army Corps of Engineers was awarded the first contract to dredge Charleston Harbor. This process is estimated to be completed within 4 to 7 years. South Carolina Ports Authority s additional infrastructure and efficiency-focused renovations will lead to more economic development and growth opportunities throughout the state, thus providing a competitive advantage to attract companies looking to put roots in the southeast. The State of South Carolina has committed to improving the key piece of the Upstate s transportation infrastructure, the I-85 Corridor. South Carolina s Department of Transportation has secured bonds and federal funding to redesign the interchanges to create pavement and bridge improvements. Capital expansion continues in the third quarter as manufacturers are announcing newly planned facilities or an expansion of production spaces. Companies such as Steel Creek Galvanizing, AWL-Techniek, Rudolph Logistics, Bonafide Kayaks, Safeplast, Bo Parts GmbH, Borwarner, Honeywell, and others have all announced expansion plans. Additionally, BMW is undergoing a $600 million expansion program. Although its US sales are down for the year, this is reflective of its growth as the nation s largest automotive exporter in Outside of big box industrial, outdated urban industrial facilities are seeing a trend of adaptive reuse. While their marketability in the industrial sector may be limited, these sites are being converted into office, retail or multifamily properties. The national urban in-migration trend is driving demand for these projects. Exemplifying this trend are: Markley Station, Hampton Station, Taylors Mill and Drayton Mill. The +/- 220 acre former US Finishing and Cone Mill site is the largest available site in that proximity within a two mile radius of Downtown Greenville, and has recently come on the market. The continuing population growth in the upstate combined with the popularity of nearurban affordable living promises to generate exciting in-fill redevelopment opportunities in the near future.
2 Market Facts 177,765,573 sf 10.3% $3.20 psf Submarket Indicators Anderson County 20,633, % 3.9% 4.3% 4.2% 4.6% 7.6% 5.7% 5.9% $2.46 $2.29 $2.31 $2.62 $2.87 Cherokee County 14.9% 15.3% 15.4% 15.6% 17.2% 21.0% 24.5% 25.2% 22.8% 25.1% $2.71 $ $2.67 $ ,366,215 63,366,215 63,322,215 62,986,477 62,704, % 6.5% 6.4% 6.5% 11.9% 10.8% 9.5% 8.7% 9.4% $3.75 $3.67 $3.64 $3.72 $3.77 Laurens County 10,931, % 1.5% 1.4% 1.4% 0.2% 3.5% 3.3% 4.0% 3.3% 3.2% $2.11 $2.11 $2.08 $2.47 $2.55 Pickens County 8.0% 7.7% 2.9% 9.3% 9.0% 14.5% 17.0% 23.9% $2.58 $2.63 $2.59 $2.60 $ ,492,626 70,200,126 69,798,576 69,623,576 68,348, % 7.1% 8.6% 8.8% 9.7% 9.5% 10.0% 11.0% 11.4% $3.16 $3.26 $3.24 $3.31 $3.38
3 Market Overview All Submarkets 177,765, ,348, ,902, ,391, ,835, % 7.2% 10.3% 10.0% 9.8% 9.8% 10.5% $3.20 $3.22 $3.18 $3.30 $3.37 Net Absorption 471,106 1,037,494 1,397,333 1,555,053 2,241,418 Submarket Map
4 s s Net Absorption 10% $4.00 3,750,000 9% $3.50 $3.20 3,250,000 2,750,000 8% 7% $3.00 $2.50 2,250,000 1,750,000 1,250, , ,106 6% YE12 YE13 YE14 YE15 YE16 YTD17 $2.00 YE12 YE13 YE14 YE15 YE16 YTD17 250,000 2Q16 Notable Lease Transactions Tenant Type Address Market SF BMW 220 GSP Logistic Parkway 271, Apple Valley Road 154, Augusta Road 110, York Road Cherokee County 107,000 Newark 5455 N BlackStock Road 97,100 Notable Sales Transactions Buyer Address Market SF Sale Price Undisclosed 844 SE Main Street 136,245 $6,500,000 Gerard V Cafaro 160 Discovery Drive 71,620 $3,622,560 A & E Engineering Inc. 805 Suburban Park Drive 40,250 $2,450,000 Gerard V Cafaro 297 Commerce Road 58,245 $2,400,000 Cooperstown Holdings, LLC 302 E Frontage Road 14,000 $2,145,000 Trends to Watch SCSPA South Carolina State Ports Authority (SCSPA) remains a steady market driver Infrastructure I-85 Corridor improvements will aide infrastructure and efficiency Mixed-Use Urban industrial facilities are undergoing reuse, becoming mixed-use projects
5 Industrial Terms and Definitions The dollar amount asked by landlords for available space expressed in dollars per square foot per year in most parts of the country. Industrial rents are reported as base rent (NNN). The asking rent for each building in the market is weighted by the amount of available space in the building. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average asking rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Asking rental rate averages only includes Direct Space that is being offered for lease directly from the landlord or owner of a building and does not include Sublet Space that is being offered by another tenant trying to sublet a space that has already been leased. Greenville Contact Information Rip Major Associate rip.major@ Rob Howell, MBA Senior Vice President rob.howell@ Tabitha Cooper Associate tabi.cooper@ Net Absorption The net change in physically occupied space over a period of time. Industrial Buildings Classifications Industrial buildings are categorized as warehouse/distribution, general industrial, R&D/flex and incubator based on their physical characteristics including percent office build-out, clear height, typical bay depth, typical suite size, type of loading and typical uses. Submarkets Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within. The Upstate Although loosely defined among locals, The Upstate is the region in the westernmost part of South Carolina, which is inclusive of Anderson, Cherokee, Greenville, Laurens, Pickens and Spartanburg counties. The city of Greenville is the largest city in region with the highest population, and is the base of most commercial activity. The cities of Spartanburg and Anderson are next in size. Total Square Footage Industrial inventory includes all multi-tenant, single tenant and owner occupied buildings at least 20,000 square feet. Vacancy and Availability The vacancy rate is the amount of physically vacant space divided by the inventory and includes direct and sublease vacant. The availability rate is the amount of space available for lease divided by the inventory. Researcher Comments Market research data and transaction information provided by CoStar. For more information on this report, please contact: Charlene Aydelotte Massey Business Operations Manager, Researcher charlene.massey@ Meghan McDuff Administrative Coordinator meghan.mcduff@ 511 Rhett Street, Suite Two-B Greenville, South Carolina United States 2017 Avison Young - South Carolina, Inc. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.
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