Point Place Holdings invests in two proven asset classes: multi-tenant retail centers and small-bay industrial flex properties. Diversified tenant bases, limited new supply and strong demand across the Upstate make both assets a smart play for long-term returns.
U.S., lowest of any size segment
Below the 7.4% historical average
Greenville-Spartanburg, Q2 2026
Record year, 2025
Small-bay, or shallow-bay, flex buildings are divided into units with a front office and a warehouse bay behind a roll-up door. They house the businesses that keep a regional economy running: contractors, suppliers, distributors, service companies and light manufacturers.
Nationally, this is the tightest corner of the industrial market. Shallow-bay vacancy was 4.8% in Q2 2026, the lowest of any size segment, compared with 6.9% for industrial overall and 8.1% for buildings over 500,000 square feet. Much of the existing stock is older, and little new small-bay space is being built, which keeps vacancy low.
Because the space is leased to many tenants on shorter terms, no single move-out decides a building’s performance, and rents can be brought to market more often.
| Measure | Q2 2026 | Note |
|---|---|---|
| Shallow-bay vacancy | 4.8% | Lowest of any size segment |
| All U.S. industrial vacancy | 6.9% | Down from 7.0% in Q1 |
| 500,000+ SF vacancy | 8.1% | Large-box buildings |
| Asking rent growth | +2.9% | Year over year |
Our retail centers are open-air strips, anchored and unanchored, leased to a mix of restaurants, services, medical and everyday retailers. These are businesses people visit in person, which makes them more resistant to online competition than mall or big-box retail.
U.S. retail vacancy was 6.0% in Q2 2026, well below its 7.4% historical average. Very little new space is coming: the national development pipeline is under 0.3% of existing inventory. Asking rents rose 2.2% over the year nationally and 3.3% in the South, the strongest of any region.
Spreading income across many tenants and categories lowers the risk tied to any one lease, and limited new construction supports occupancy in existing centers.
| Measure | Q2 2026 | Note |
|---|---|---|
| U.S. retail vacancy | 6.0% | Historical average 7.4% |
| Development pipeline | <0.3% | Of existing inventory |
| Asking rent growth, U.S. | +2.2% | Year over year |
| Asking rent growth, South | +3.3% | Strongest of any region |
The Upstate is one of the Southeast’s major manufacturing and logistics hubs. BMW’s Plant Spartanburg, the company’s largest production facility worldwide, built more than 412,000 vehicles in 2025, and BMW completed a $1.7 billion investment in its South Carolina operations in June 2026. Inland Port Greer, which links the region to the Port of Charleston by rail, handled a record of nearly 200,000 rail moves in 2025 and puts about 94 million consumers within a one-day truck drive.
The inland port draws large manufacturers and distributors to the region, which in turn increases demand for the smaller second- and third-tier suppliers and service providers that need small-bay space. Upstate industrial direct vacancy fell to 7.3% in Q2 2026, a full point lower than a year earlier, and new leasing was up about 25% year to date.
| Measure | Value | Note |
|---|---|---|
| Upstate direct vacancy | 7.3% | Down from 8.3% a year earlier |
| YTD new leasing | 6.98M SF | Up about 25% year over year |
| Inland Port Greer rail moves | ~200,000 | Record year, 2025 |
| BMW Spartanburg output | 412,000+ | Vehicles built in 2025 |
The Greenville-Anderson-Greer metro passed one million residents in 2025, adding about 86,000 people since 2020. New households need nearby groceries, restaurants, services and medical offices, which is the tenant base of neighborhood retail centers.
Supply has not kept up. Greenville-Spartanburg retail vacancy stood at 3.4% in Q2 2026, average asking rents rose about 5.5% over the year, and the market absorbed more than 400,000 square feet over twelve months.
| Measure | Value | Note |
|---|---|---|
| Upstate retail vacancy | 3.4% | U.S. 6.0%* |
| Avg. asking rent (NNN) | $15.86 | Up from $15.04 / SF |
| Asking rent growth | +5.5% | Year over year |
| 12-month net absorption | 405,765 | SF |
| Metro population | 1,014,101 | +9.3% since 2020 |
Rent is a metro-wide average across all retail property types; NNN rents exclude taxes, insurance and common-area costs. Sources: Lee & Associates, Greenville-Spartanburg Retail, Q2 2026; Post and Courier (U.S. Census Bureau estimates). *U.S. figure from Cushman & Wakefield; methodologies differ.
Retail and small-bay industrial serve different tenants and respond to different parts of the economy, but they share what we look for: many smaller tenants, limited new supply and steady local demand. Focusing on just these two lets us specialize in how we select sites, underwrite deals and manage properties, and the Upstate’s growth gives both room to perform.
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.
