The Greenville-Spartanburg industrial market continues to run strong into 2025, with high absorption, investor confidence, and regional growth spilling over into surrounding counties like Anderson, Greenwood, and Gaffney. Across the Upstate, stabilized and fully leased industrial assets remain in high demand, while developers and users continue to bet big on South Carolina’s logistics and manufacturing advantages.
In Q4 2024, Greenville-Spartanburg saw over 7.3 million square feet of gross absorption and more than 5.3 million square feet of net absorption — some of the highest on record. Automotive OEMs led the way with several leases topping 1 million square feet. While new construction is slowing — 7.5 million square feet delivered in 2024 — this is helping vacancy rates stabilize. Greenville currently sits at 6.4%, while Spartanburg remains elevated at over 14% due to a wave of new Class A product.
One of the biggest headlines: Isuzu North America’s acquisition of a 1 million-square-foot facility at 7745 Augusta Road in Piedmont, SC. The company plans to invest $280 million to convert the site into a major assembly plant producing its N-Series and F-Series trucks. Operations are expected to begin in 2027, creating over 700 new jobs and cementing Isuzu’s long-term commitment to the region.
Further south, Anderson County continues to be an active player with nearly 25.5 million square feet of industrial inventory and a healthy 6.68% vacancy rate. A recent 140,000-square-foot lease at 200 Masters Blvd. is a prime example of ongoing tenant demand. Meanwhile, Greenwood County presents opportunity with 8.1 million square feet of space but a higher vacancy rate of nearly 20%, giving tenants room to negotiate in a less competitive environment.
To the north, Cherokee County — home to Gaffney — tells a different story. With a tight 0.51% vacancy rate across nearly 12 million square feet, space is scarce and demand is high. A major recent win: Gaffney Bakery, LLC’s $96 million investment, which is set to create 260 jobs, underscoring the area’s growing appeal to advanced manufacturing and food production users.
Also worth noting is RealtyLink’s $37 million financing secured for a speculative development at the I-85/I-26 junction in Spartanburg. Nearly 460,000 square feet of space is on the way, with more build-to-suit potential in the pipeline.
“Regardless of the listing type – whether it be a stabilized investment sale, vacant building, or even a building for lease – I’m always flooded with calls from out-of-state investors looking to acquire industrial assets in our market. The demand is stronger than ever; the challenge lies in finding motivated sellers willing to part ways with their properties in a hot market where values and rental rates are steadily rising,” said Aline Capital’s Industrial Division Senior Advisor, Sam Faulkenberry.
For brokers and investors, the message is clear: fully leased, stabilized, and even vacant assets are still commanding attention, and users continue to absorb space where it aligns with logistics and labor access. The Upstate remains one of the Southeast’s most compelling industrial stories — and 2025 is shaping up to be another strong chapter.
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