Southeast Industrial Labor Report_Q1 2024

GREENVILLE, SC

ABSORPTION, NEW SUPPLY, & VACANCY RATES

10 12 14 16 18

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

MSF

0 2 4 6 8

ABSORPTION, NEW SUPPLY & VACANCY RATES

Overall Net Absorption Construction Completions Overall Vacancy Rate

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

1,503,934

Projected Population Change (5-Year)

6.5%

Working Age Population (Ages 18-64)

906,679

• Demand was limited as the average deal size receded towards the end of 2023.

Labor Force

720,606

• Many new-to-market developers entered Greenville, one of the hottest markets in the Southeast in recent years. Record-setting deliveries added a plethora of Class A bulk warehouse space to the market which has yet to be absorbed. • In addition to the ample new supply, second-generation space returned to the market, including more than 4.0 msf from one large occupier. This caused a spike in vacancy, ending 2023 at 8.6%.

Median Household Income

$59,757

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

48.0%

Target Blue Collar Demographic Volume

211,848

Target Blue Collar Demographic Concentration

1.3

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

27,462

75,334

• The Greenville-Spartanburg area maintains one of the highest concentrations of target blue collar demographics in the Southeast.

Worker Concentration

1.3

1.9

Projected 5-Year Employment Growth

3.5%

1.9%

Average Wages

$20.50

$21.50

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

96

98

Demographics include Greenville-Anderson-Mauldin Metro, Spartanburg Metro, Gaffney Micro, Greenwood Micro, and Gaffney Micro

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Cushman & Wakefield | Southeast Industrial Labor Report