Greenville’s flourishing manufacturing industry points to significant continued growth and development. And growing cities mean more people, businesses and things to do – a jackpot for commercial real estate.
Commercial Real Estate in Greenville
Commercial real estate is a critical component of Greenville’s overall real estate economy. As new trends in manufacturing and advancements in technology emerge, they naturally shape the local and national markets and present opportunities for further growth.
“Since Greenville is set up so well for the manufacturing industry, it can expect to see continued growth moving forward.”
-Brad McGaha, VP, Loan Officer at Arthur State Bank
South Carolina’s manufacturing output has increased by about $10 billion in the last 10 years, and the industry’s strong presence in Greenville has helped keep unemployment lower than the national average.
Greenville’s commercial building vacancy rates are also at a record low. This reflects Greenville’s significant role as a national source of factory, warehouse and other industrial space, feeding a continuous high demand.
Greenville’s Manufacturing Industry Growth
Further, Greenville’s commercial real estate market has matched its growth in manufacturing quite closely. Along with extremely low vacancy rates, Greenville is now seeing considerable speculative construction that’s congruent with demand. This indicates that the need for industrial facilities continues to rise, and Greenville will be well-positioned to meet that demand.
Greenville has been a model manufacturing community for a long time, and the industry has been growing year-over-year in South Carolina as a whole. Since Greenville is set up so well for manufacturing, it can expect to see continued growth moving forward.
The Changing Nature of Commercial Real Estate
The e-commerce boom is reshaping the real estate sector as a whole. In respect to Greenville, residents can expect to see more and more warehouses cropping up to serve as storage and shipment facilities for large e-commerce companies. This is a departure from traditional retail warehouses, which will likely decrease in prominence. The dramatic and sustained growth in the e-commerce market bodes well for commercial real estate investments in facilities that cater to online retail models.
Overall Greenville Growth
What does a growing and changing commercial real estate market mean for Greenville? Greenville’s long history in manufacturing and recent rapid growth makes it well-equipped to embrace industry changes. Further, Greenville’s commercial real estate remains foundational to both the national and local commercial real estate markets as they evolve.
Overall, this points to a city ready to embrace, support and thrive on growth and change. Residents should be prepared for further expansion across the board, including growth in residential real estate, business, commuting and city population.
Take Advantage of Booming Real Estate
Significant projected growth for both commercial and residential real estate means now is a great time to buy. At Arthur State Bank, we offer individual and business mortgage opportunities, including specials for medical professionals, first-time homebuyers, teachers and first responders.
Our lenders are well-versed in community developments and dedicated to helping you find the opportunities and deals right for you. To learn more about our mortgage opportunities, contact an Arthur State Bank lender today.