Greenville sits at the center of South Carolina’s high-growth corridor along I-85. Population, employment and commercial real estate demand across the Upstate have all moved in the same direction: up. Here is what the latest data shows for the two asset classes we invest in, and for the market around them.
South Carolina, NAR CRE Demand Index
Greenville-Anderson-Greer, July 2025
Metro, since the 2020 Census
Greenville-Spartanburg, Q2 2026
In August 2026 the National Association of Realtors launched its Commercial Real Estate Demand Index, which scores 306 U.S. metros on the local economic drivers behind demand for office, industrial, retail and multifamily space. South Carolina ranked as the strongest state in the country.
The index is built from job and population growth rather than rents or vacancy. A score of 100 is the average metro, and South Carolina’s metros averaged 110, the highest of any state. NAR noted that several smaller metros have moved up since 2022, and Spartanburg, Greenville’s Upstate neighbor, was among the markets called out for climbing the rankings.
The Greenville-Anderson-Greer metro passed one million residents for the first time, reaching an estimated 1,014,101 people as of July 2025. That is about 86,000 more people than at the 2020 Census, a 9.3% gain in five years.
Jobs are following. Nonfarm employment across the Upstate grew 1.3% year over year as of mid-2026. More residents and more workers mean more demand for the neighborhood retail and flexible industrial space that serve them.
| Measure | Value | Note |
|---|---|---|
| Metro population | 1,014,101 | July 1, 2025 estimate |
| Added since 2020 | +85,894 | +9.3% |
| Upstate job growth | +1.3% | Nonfarm employment, year over year |
Source: Post and Courier (U.S. Census Bureau estimates), Cushman & Wakefield.
Greenville-Spartanburg retail vacancy stood at 3.4% in Q2 2026, down from 3.6% a year earlier. Average asking rents rose about 5.5% year over year, and the market absorbed more than 400,000 square feet over the past twelve months after a negative year.
Lee & Associates describes the market as fundamentally healthy, with steady leasing and new supply well below historical averages. For multi-tenant centers, limited new construction supports occupancy and rent growth in existing properties.
| Measure | Q2 2026 | Q2 2025 |
|---|---|---|
| Vacancy | 3.4% | 3.6% |
| Avg. asking rent (NNN) | $15.86 | $15.04 / SF |
| 12-month net absorption | 405,765 | (211,683) SF |
| Under construction | 257,231 | 306,331 SF |
Upstate industrial vacancy dropped to 7.3% in Q2 2026, a full point lower than a year earlier. New leasing year to date was up about 25%, while new deliveries slowed sharply.
Cushman & Wakefield expects vacancy to keep trending down as limited near-term supply meets continued demand, which may give landlords more pricing leverage. These are figures for the overall industrial market; small-bay flex space is a subset that serves smaller local and regional tenants.
| Measure | Q2 2026 | Q2 2025 |
|---|---|---|
| Direct vacancy | 7.3% | 8.3% |
| Direct asking rent (net) | $5.99 | Flat / SF |
| YTD new leasing | 6.98M | 5.59M SF |
| Under construction | 1.85M | 2.10M SF |
Greenville’s office market is balanced. Overall vacancy fell to 9.2% in Q2 2026, Class A vacancy dropped to 7.0%, and average asking rents passed $25 per square foot for the first time. With nothing under construction, Cushman & Wakefield notes that low Class A availability favors future development.
| Measure | Q2 2026 | Note |
|---|---|---|
| Overall vacancy | 9.2% | Down 40 bps from Q1 |
| Class A vacancy | 7.0% | Down 50 bps from Q1 |
| Avg. asking rent | $25.36 | Per SF, first time above $25 |
| Under construction | 0 | SF |
Point Place Holdings has front line insight into the growth and forecast of the entire Upstate region. Rising population, steady job growth and limited new supply are the conditions our strategy is built around: well-located multi-tenant retail and small-bay industrial properties that serve a growing local economy.
Market data is drawn from the third-party sources listed above and is provided for general information only. Point Place Holdings has not independently verified it. Market conditions change, and past trends do not guarantee future results. This page is not an offer or solicitation to buy or sell securities.
