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1 Mid 2012 UPSTATE, SOUTH CAROLINA OFFICE MARKET REPORT LOCAL UPSTATE ECONOMY Population...1,375,759 Households...537,556 Median Age Labor Force...640,411 Unemployed...57,015 Unemployment Rate...8.9% Source: SC Dept. of Employment & Workforce & ESRI Business Analyst OFFICE MARKET OVERVIEW By: Tyson Smoak, Office Division The first half of 2012 has seen a slow and steady recovery in the Office sector. The average rate at the end of the quarter decreased slightly and the trend of positive net absorption remained in tact. The positive net absorption pushed vacancy down to 9.5%. Much of the positive absorption came from the Greenville suburban area with large move-ins such as Aimco (26,768 SF at Patewood) and Diabetes Care and Education (20,240 SF at Park East) In Greenville s CBD all eyes are on project One taking shape along Main Street with the first office tenants moving in early next year. Also downtown, The Landmark building welcomed new tenants, GSA (14,114 SF) and Windstream (40,195 SF). Tyson Smoak tsmoak@naiearlefurman.com OFFICE MARKET TRENDS Vacancy Rate Net Absorption Construction Asking Rents 11.5% 11.0% 10.5% 9.5% 9.0% $15.00 $14.50 $14.00 $13.50 $13.00 Overall Vacancy (%) Average Asking Rental Rate Mid Year Vacancy 9.5% Mid Year Average Rate $14.10 Number of Buildings...4,094 Market Size (SF)...36,976,879 Overall Vacancy Space (SF)...3,400,610 Overall Vacancy (%)...9.5% Direct Vacancy (SF)...3,357,653 Sublease Vacancy (SF)...42,957 Net Absorption...221,057 Average Asking Rental Rate ($/SF/YR)...$14.10 Upstate Market 1 / Submarket Data 2 / Activity 3 / News 4-6 / Office Division 7 / About Us 8 / Resources 9
2 SUBMARKET DATA GREENVILLE CBD Overall Vacancy (%) Greenville CBD Submarket/ Class # of Bldgs. RBA (SF) Vacant (%) Net Absorption (SF) Average Rate All Classes 453 6,584, ,789 $16.76 Class A 11 1,471, ,078 $21.00 Class B 162 3,296, (16,389) $17.28 Class C 274 1,163, ,100 $ % 9.0% $15.00 $14.50 $14.00 $13.50 $13.00 Average Asking Rental Rate - Greenville CBD GREENVILLE SUBURBAN Submarket/ Class # of Bldgs. RBA (SF) Vacant (%) Net Absorption (SF) Average Rate All Classes 1,803 17,528, ,853 $14.34 Class A 33 3,120, ,457 $18.91 Class B 808 9,844, ,622 $13.32 Class C 962 4,562, $ % 11.0% 9.0% $15.00 $14.50 $14.00 $13.50 $13.00 Overall Vacancy (%) Greenville Suburban Average Asking Rental Rate -Greenville Suburban SPARTANBURG Submarket/ Class # of Bldgs. RBA (SF) Vacant (%) Net Absorption (SF) Average Rate All Classes 903 6,77, (8,207) $11.81 Class A 7 661, $20.02 Class B 461 3,804, (8,157) $12.17 Class C 426 1,763, (50) $ % 14.0% 13.0% 11.0% $13.00 $12.50 $12.00 $11.50 $11.00 Overall Vacancy (%) Spartanburg Average Asking Rental Rate - Spartanburg 2
3 UPSTATE OFFICE ACTIVITY SELECT UNDER CONSTRUCTION PROPERTIES U.S. VACANCY COMPARISON PAST 8 QUARTERS 1 North Main Street - ONE Greenville CBD SF: 175,000 Preleased: 83% Delivery: W Camperdown Way Greenville CBD SF: 79,428 Preleaed: 65% Delivery: Mid 2012 Vacancy Rate 14.0% 8.0% 6.0% 4.0% 2.0% 0.0% Greenville/Spartanburg United States Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q EXISTING INVENTORY By Class By Space Type SELECT 2012 DELIVERIES 27% 68 Pointe Circle - Creekside Professional Village (Bldg. 2) SF: 12,823 Occupied: 34% Completed: First Quarter % 18% 32% 68% Class A Class B Class C Multi Single SAMPLING OF TOP LEASE TRANSACTIONS Tenant: Size (SF): Submarket: Address/Building: Windstream Communications 40,105 Greenville CBD Landmark Building Rogers & Brown North American Logistics, Inc 16,850 Greenville Suburban 146 W. Phillips Road GSA 14,115 Greenville CBD Landmark Building Rikoh 13,234 Greenville Suburban Patewood VI *Qwest Communications (renewal) 8,241 Greenville Suburban 401 Brookfield Parkway SAMPLING OF TOP SALE TRANSACTIONS Buyer: Size (SF): Submarket: Address/Building: Price: Westchester South Investments, LLC 44,650 Greenville Suburban Hampton Centre $1,900,000 *Chemstone Inc. 28,000 Greenville Suburban 6099 Ponders Court $975,000 *NAI Earle Furman Transaction Graph Source: CoStar Property 3
4 UPSTATE IN THE NEWS SOUTH CAROLINA BOOSTS EXPORTS 21% IN 2011 Staff Report Published Feb. 28, 2012 GSA Business South Carolina s 2011 exports totaled more than $24.6 billion in goods sold to 198 countries around the world, state officials announced today. The data represent a 21.4% increase over 2010 totals. In 2011, South Carolina s export growth ranked the state 14th in the U.S. South Carolina ranked first among U.S. states in tire exports, holding nearly 30% of the share of U.S.-made exported tires. South Carolina is poised to become the No. 1 tire-producing state in the U.S. and the tires that we make here are exported all over the world, said Pete Selleck, chairman and president of Michelin North America. In addition to ramped up production by Michelin, Bridgestone is spending more than $1 billion to expand its production capacity in Aiken, and Continental Tire, a German company, is building a tire manufacturing plant in Sumter County. This is great news for South Carolina. We will continue to work on improving and modernizing our ports system, which plays a key role in bringing companies from around the globe to our great state, said Gov. Nikki Haley. The state s top 10 export industries last year were vehicles, machinery, rubber, electrical machinery, plastics, paper and paperboard, organic chemicals, optics and medical equipment, wood pulp, and cotton yarn and fabric. Of the top product sectors, the three experiencing the largest percentage increase were vehicles at a 52% increase, cotton yarn and fabric at nearly a 50% increase and electrical machinery at nearly a 25% increase. South Carolinians know how to make things and we ship them the world over. Both Germany and Canada remain very important trade partners for South Carolina, and China is increasingly becoming a strong market for goods made in our state, said Secretary of Commerce Bobby Hitt S.C. export rankings among states: Ranked 17th in exports. Ranked only behind California in exports to Germany. Ranked 4th in exports to Saudi Arabia. Ranked 9th in exports to India. Ranked 10th in exports to China. Ranked first in exports of tires, holding nearly 30% of the share of U.S.-made exported tires. Ranked first in exports of automobiles to the world, surpassing Michigan. Posting a 36% increase from 2010, Germany overtook Canada again for the top spot as South Carolina s No. 1 export market in 2011, purchasing nearly $4 billion in products. Canada was a close second, purchasing more than $3.7 billion in products. China remained at No. 3 in 2011, purchasing more than $3 billion. Rounding out the top 10 export markets in 2011 in order of rank were Mexico at No. 4, the United Kingdom, Australia, India, Brazil, Japan and Saudi Arabia. Exporters in South Carolina s manufacturing and agricultural sectors benefit from access to competitive, deepwater port facilities, said Jim Newsome, president and CEO of the South Carolina Ports Authority. Growing our export base is essential to generating jobs in the maritime industry and across the state. South Carolina s Department of Commerce has also taken an active role in helping the state s small businesses and homegrown companies reach markets outside the U.S. The South Carolina Department of Commerce has raised the profile of our state and thereby lifted all its companies. With our highway and port infrastructure, our valuable timber commodity base and most importantly our Commerce Department s unprecedented passion for growth, our family business took a leap of faith to explore export opportunities and have been richly rewarded as such, said Michael Johnson, CEO of Orangeburgbased Cox Industries. 4
5 UPSTATE IN THE NEWS GREENVILLE AREA RANKS TOP IN NATION FOR SPRING HIRES Staff Report Published March 13, 2012 GSA Business (originally reported in Forbes) The Greenville-Mauldin-Easley area is ranked as one of the top two most optimistic metropolitan areas in the country for hiring this spring, according to a recently released ManpowerGroup survey as reported in Forbes. The other area ranked optimistically for hiring is Knoxville, Tenn. It is known as an automotive, aerospace and engineering hub, with major manufacturing facilities and headquarters in the region, such as Lockheed Martin, GE, Fluor, Michelin, BMW, ZF Transmissions and Bosch. ManpowerGroup is an employment services firm that surveyed more than 18,000 employers in 100 metropolitan areas to learn who is hiring, firing and maintaining staffs in the second quarter of The study shows that employers in all 50 states intend to increase their payrolls in the second quarter of In the Greenville-Mauldin-Easley area, 67% of employers said they anticipate no change, and 5% didn t know. Both regions boast a 24% net employment outlook, or the percentage of employers that expect to add employees, which is around 25.5% for each, minus the percentage that expect to reduce their workforce, which is around 1.5% each. The Upstate region, particularly Greenville, was known in the past as a textile manufacturing hub. The city now houses more international manufacturing investment per capita than any other community in the U.S., according to Forbes. 5
6 UPSTATE IN THE NEWS GREENVILLE RANKS NO. 9 FOR GROWTH IN U.S Staff Report Published April 17, 2012 GSA Business (originally CNNMoney) Greenville is ranked ninth nationwide as one of the fastest growing U.S. cities, according to CNNMoney. From 2000 to 2010, Greenville grew by 32.5% to a population of 400,492. Ten U.S. cities managed to have population gains of more than 30% during that time, according to Census Bureau data analyzed by CNNMoney. These increases occurred at a time when the national average was less than 10% and the recession was ongoing. The expansions keep coming. BMW is on its fourth expansion as it adds production of a new X4 sports activity vehicle at its Spartanburg County plant. Michelin recently announced plans to build a new facility in Anderson to accommodate its Earthmover tire demand. Cities Population Growth from Charlotte, N.C million 64.60% Raleigh, N.C. 884, % Cape Coral, Fla. 530, % Provo, Utah 482,819 59% Austin, Texas 1.36 million 51.10% Las Vegas 1.89 million 43.50% McAllen, Texas 728, % Knoxville, Tenn. 558, % Greenville 400, % San Antonio 1.76 million 32.40% Greenville evolved from a textile manufacturing hub to an automotive, aerospace and industrial manufacturing hub. The city now houses more international manufacturing investment per capita than any other community in the U.S. The city, along with the 10 Upstate counties, have more than 250 international firms, such as BMW, Michelin, GlaxoSmithKline, Kyocera, ZF Transmissions, Bosch, Fluor and GE. 6
7 THE OFFICE DIVISION For more information on the Upstate Office Market please contact one of our specialists. Glenn Batson Andrew Babb J. Peter Couchell, CCIM Principal & David Feild, CCIM J. Earle Furman, Jr., SIOR Chairman and -in-charge John Gray, CCIM Keith Jones, CCIM W. Scott Jones, SIOR Principal & Tyson Smoak Stuart Wyeth Principal & 7
8 ABOUT NAI EARLE FURMAN, LLC Uptown 15.3 million SF vacant 4.13% vacancy rate $54.14 NAI Earle SF/YR Furman avg. principals rental A SOLID FOUNDATION AND PROVEN RESULTS Midtown Founded by J. Earle Furman in 1986, NAI Earle Furman, LLC is the leading full service commercial real estate brokerage firm in the Upstate of South Carolina specializing in the office, industrial, investment, 4.88 healthcare, million land, SF vacant multifamily and retail sectors. NAI Earle Furman, LLC offers a wide range of services including sales, leasing, development, site selection, consulting and property management. A partnership with NAI Global allows NAI Earle Furman, 4.7% LLC to vacancy access a rate network of worldwide real estate connections and offer international commercial real estate services to Upstate $37.53 clients, SF/YR while avg. retaining rentallocal personality and knowledge. Downtown NAI Earle Furman offers a full service property management program that encompasses a unique hands-on approach to real estate management. Formal monthly property inspections with face-to-face contact with each tenant provide the foundation of the 11.3 million SF vacant management program. Each property is evaluated on an individual basis with the end result being a management program that will suit the needs of each property. Monthly operational reports are tailored 4.o% to accommodate vacancy rate each property and include an executive summary page unlike any in the industry. $42.03 SF/YR avg. rental STRONG LEADERSHIP AND A TEAM APPROACH The firm has over 60 team members and in 2011 completed 550 transactions. The Property Management team has also grown exponentially in recent years and manages over 5 million square feet of commercial space in North and South Carolina. NAI GLOBAL As the world s only managed network of commercial real estate firms, New America International (NAI) works together to help clients strategically optimize their assets throughout the world. As a member of this network, NAI Earle Furman, LLC, is able to provide commercial real estate services to our local Upstate clients, as well as national and international clients. We have immediate access to over 5,000 professionals working out of 350 offices in 55 countries throughout the world. The NAI Global Network has annual sales and leasing transactions of $45 billion and manages 300 million square feet of property. In addition to NAI Global, our brokers are also members of ICSC, Urban Land Institute, CCIM and SIOR, giving them access to a wealth of knowledge and networking. NAI Earle Furman has more SIOR and CCIM designees than any other firm in South Carolina. 101 East Washington Street, Suite 400 Greenville SC
9 ADDITIONAL RESOURCES Complete listings of NAI Earle Furman s available properties The Greenville Area Development Corporation (GADC) is dedicated to the growth and prosperity of Greenville County, SC. Since its founding in 2001, GADC efforts have resulted in the creation of nearly 10,000 new jobs and more than $2 billion in capital investment in Greenville County. The organization s continued successes are demonstrated by the innovative, dynamic, and inviting nature of our community. Formed in 2000, the Upstate South Carolina Alliance is a public/private regional economic development organization designed to market the dynamic 10-county Upstate region to the world. The 10 counties of the Alliance represent the commerce-rich northwestern corner of South Carolina - The Greater Greenville Chamber at its core is dedicated to promoting quality development of Upstate South Carolina through managed growth, service to members and the public, and a community-wide approach to issues shaping the region's future. - Provides information on trade, grants, rural development, and recycling. Includes databases of community profiles, labor market information, etc South Carolina's Information Highway is the largest directory of South Carolina information on the Internet. - The South Carolina Power Team promotes industrial sites & industrial buildings in South Carolina and the state's unique advantages for industry. - Official website of the City of Greenville Official website of Spartanburg County government Official website of Greenville County government - Official website of Anderson county government - Official website of Cherokee county government 9
Click here to contact John Staunton
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