New Construction of Commercial Buildings in Greenville County, SC Sees Demand Collapse
We’ve all heard things are booming in Greenville, SC and they certainly are. New subdivisions are popping up everywhere as we prepare for the great emptying of blue cities and states to the north as they make their way to the South. There are some signs that the new home construction maybe getting ahead of itself with new builds, but that cannot be said when it comes to commercial construction.
There are some large empty spec warehouses along I-85 but no doubt those will become occupied within the next 12-18 months. What I find more interesting though is the dramatic drop in new construction for commercial buildings in Greenville County. Through July 2024, there have only been 44 permits issued for commercial new construction. Let’s say this number doubles between now and the end of the year. That will still put us down about 70% compared to 2023 which was down significantly from 2022. Pretty amazing to see this data.
Commercial renovations are plugging along at a decent rate although down from 2023 by probably 15-20%. Things got kind of crazy down here with Covid and now we are digesting those gains or in some cases resetting.
Greenville is still a fabulous place to live and work. We will get through this slowdown and once again ramp up to new heights I suspect in the not too distant future.
About The Author
John Murphy
Husband of 36 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 18-34 and 6 grandchildren. My main work is helping commercial building owners and real estate investors save money on their income taxes by doing cost segregation. I work all over the U.S. but have a lot of clients here in SC and in the southeast in particular. The firm I represent is CSSI, LLC. I love the work! I’ve also been a licensed REALTOR since 2003 and broker since 2007 but my work is limited to just a few clients each year. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either CSSI, LLC or eXp Realty LLC or any other company, organization or group that I might be affiliated with.