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2Q2022 Hanson Office Report

Nearly 2.0 million square feet of space was leased during the first half of year, on par with the same level of activity recorded at the same time last year. Strong leasing volume translated into nearly 50,000 square feet of positive absorption.

Healthcare analysts suggest that based on recent trends, the medical office sector should remain robust for the next year. Thanks to continued demand for healthcare, and perhaps despite the continued popularity of telemedicine, the industry has remained relatively stable and recession-resistant.

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Greenville’s industrial market thrives on the automotive industry and an advantageous location with quick access to interstates, population centers, and ports. An increase in consumer spending and a structural shift toward e-commerce have combined to boost industrial real estate activity here and in neighboring Spartanburg.

Greenville’s retail market rebounded in early 2022. Vacancy rates stabilized with strong performance from discounters, grocers, and other essential services, while population growth in the market and consumer spending remained substantial.

While the Greenville-Spartanburg area is known for its manufacturing and distribution prowess, Greenville’s urban core has earned national attention as an example of successful downtown redevelopment, which has attracted financial services and professional firms.