South Carolina's Upstate region experienced a surge of commercial real estate activity in the third quarter of 2025, driven by massive industrial leases and significant sales of multifamily properties. The high volume of transactions across Greenville, Spartanburg, and Anderson counties points to sustained economic confidence and robust demand for logistics, housing, and retail space.
Major deals, including a logistics lease exceeding one million square feet, underscore the area's growing importance as a key distribution hub in the Southeast. This period of intense activity reflects broader trends of industrial expansion and population growth shaping the regional economy.
Key Takeaways
- The industrial sector saw the most significant activity, highlighted by a 1,009,637-square-foot lease by DHL Supply Chain in Spartanburg.
- Multifamily housing portfolios were a major focus for investors, with Aline Capital handling the refinancing and sale of several large unit collections.
- Large land parcels were acquired for future development, including an 83-acre sale in Moore to Calgon Carbon Corp., signaling long-term industrial investment.
- Downtown Greenville continues to be a hot spot, with the City of Greenville selling a prime 2.66-acre lot on North Main Street for new development.
Industrial Sector Leads with Landmark Deals
The industrial real estate market was the clear powerhouse of the third quarter, with several transactions involving hundreds of thousands of square feet. These deals confirm the Upstate's critical role in the national supply chain.
The most notable transaction was facilitated by Colliers | South Carolina, where DHL Supply Chain leased 1,009,637 square feet of industrial space in Spartanburg. This massive lease at Spartan Enterprise Drive highlights the intense demand for modern logistics facilities near major transportation corridors.
Other significant industrial leases further cemented this trend. CBRE represented the landlord in a 368,280-square-foot lease at Tyger Ridge in Duncan. Meanwhile, Colliers brokered a deal for a 257,040-square-foot industrial space on Perimeter Road in Greenville.
By the Numbers: Q3 Industrial Highlights
- 1,009,637 sq. ft. leased by DHL Supply Chain
- 408,240 sq. ft. industrial building sold in Piedmont
- 338,000 sq. ft. leased by Keller Logistics in Anderson
- 83 acres sold for new industrial development in Moore
Sales and Expansions Signal Future Growth
Beyond leasing, the sale of large industrial buildings and land parcels indicates strong investor confidence. Colliers represented the seller in the disposition of a 408,240-square-foot industrial facility on Easley Highway in Piedmont.
In a move signaling new industrial development, Pacolet Milliken sold 83 acres on Moore Duncan Highway to Calgon Carbon Corp. This acquisition points to future job creation and an expansion of the region's manufacturing base. NAI Earle Furman also reported a lease expansion of 140,400 square feet at International Park Drive in Spartanburg, showing existing companies are also growing their footprint.
Multifamily and Land Sales Reflect Population Growth
The residential sector, particularly multifamily properties, also saw a flurry of activity. Aline Capital announced several key transactions, including the refinancing of a 281-unit multifamily portfolio in Greenville and the purchase of a 96-unit portfolio across Simpsonville and Fountain Inn.
These deals reflect the high demand for housing as more people move to the Upstate for jobs and quality of life. The refinancing of another 120-unit portfolio in Pickens further shows that investment is spreading beyond the primary metropolitan hubs.
The Greenville Factor
Downtown Greenville remains a focal point for high-value transactions. The City of Greenville sold a strategic 2.66-acre property at 426 N. Main St., a prime location for mixed-use development that will further shape the city's core. The city was also an active buyer, purchasing 0.69 acres on Haynie Street to support its development goals.
Land sales for future residential communities were also prominent. Joyner Commercial represented the sellers in a 60-acre sale on Old Bramlett Road in Greenville to Forestar USA Real Estate Group, a national homebuilder. This purchase suggests a large-scale residential project is on the horizon.
Office and Retail Markets Show Steady Demand
While the industrial sector captured headlines, the office and retail markets demonstrated healthy, consistent activity. This indicates that businesses are continuing to invest in physical spaces for their employees and customers.
Key Office Transactions
Downtown Greenville's office market remains strong. NAI Earle Furman brokered a major lease for Lima One Capital LLC, which took 62,126 square feet of office space at 300 E. McBee Ave. In another significant downtown deal, Insight Global LLC leased 6,497 square feet at 15 S. Main St., brokered by Colliers.
Office building sales also pointed to a dynamic market. Pintail represented the seller of a 39,504-square-foot office building at 11 Brendan Way in Greenville. NAI Earle Furman handled the sale of a 44,024-square-foot office building on Brookfield Parkway.
Retail and Service Sector Growth
The retail landscape saw a mix of new leases and property sales, catering to the region's growing consumer base. New businesses are setting up shop across the Upstate, from fitness centers to restaurants and medical services.
Some notable retail and service-oriented deals include:
- Burn Boot Camp leasing 5,200 square feet in Greer.
- Floyd’s 99 Barbershop leasing space at Milestone Way in Greenville.
- Eggs Up Grille leasing a location on W. Main St. in Easley.
- Ollie’s Bargain Outlet leasing 35,537 square feet in Gaffney.
These transactions, from large national chains to local businesses, illustrate a vibrant consumer economy. The continued leasing of retail and professional office space suggests a positive outlook for small and large businesses across the Upstate through the end of 2025 and into the new year.
