ResalesHot Market: The Nation Zigs, Spartanburg Zags
South Carolinians in the Spartanburg-Greenville market have taken the latest national economic decline in stride. The financial climate in this city leans on the positive side, as it serves as national and world headquarters for corporations such as Extended Stay Hotels, Denny"s restaurants and Milliken & Company -- one of the largest privately held textile and chemical manufacturers in the world.
Auto manufacturer BMW produces the 3 Series and the sporty Z3 roadster in Spartanburg and the plant is about to expand its facility by 1.2 million square feet to make room for manufacturing the next-generation X3 SAV.
With the job growth, comes growth in real estate. Sales prices have risen more than 6 percent so far this year, while days on market have dropped. Consumers are writing at a fast frenzy, causing pending sales to surge in the double digits. Pending sales are the sign of future business, meaning, while they are written today, they will not settle for 30 to 60 days. As go pendings, so goes the market.
On the commercial side of business, vacancy rates have dropped 18 percent as local companies prepare for future business opportunities, according to The Furman Company, an affiliate of Grubb & Ellis, a property solutions company.
In its Office Trends Market Report, Furman Company says, "Nationally, the financial services industry is facing severe challenges, but local banks are busy constructing new headquarters ... expanding or establishing their market presence."