Could Greenville be developing to much?

[g-vegasman]

With all the development slated for the County and especially downtown could we be over saturating (sp?) the market in real estate. With the addition of even more office space downtown could we run into the problem where we have to much office space not occupied?

I for one am happy with all the development, but one has to admit there is a lot getting ready to happen all at once (within the next year). Is Greenville ready for it? No one wants vacant buildings. I believe the new buildings will fill up but will this leave the tennants in Greenville's older buildings packing up for the newer buildings thus creating buildings that we don't need anymore?

[Spartan]

I think the answer is no. Some seem to think that what we are seeing now is just the beginning.

There is not that much office space being added downtown. And what is being added is for small business offices, which is more likely to remain near capacity.

Downtown has a 12.4% office vacancy rate, and there is a 23.5% vacancy rate in the suburbs.

[g-vegasman]

I think the answer is no. Some seem to think that what we are seeing now is just the beginning.

There is not that much office space being added downtown. And what is being added is for small business offices, which is more likely to remain near capacity.

Downtown has a 12.4% office vacancy rate, and there is a 23.5% vacancy rate in the suburbs.

<{POST_SNAPBACK}>

Spartan, I definately understand what you are saying. Good points. However, the CBD is clearly taking a turn where a lot of residential/condo/luxury aprartments are now being built. I guess this is a positive thing, but I am just worried that maybe things are being built to much to quickly with not enough develpoment being slated for parking and road construciton and so forth. Maybe with all of these new residential untis being placed downtown they can use a transit system downtown like a trolley, if not for the downtown guests, maybe for the folks living downtown to get from S. Main stree to N. Main Stree qucikly.

I would also like to see a Big Grocery store come to downtown near the West End for all of these new residential units.

[Spartan]

I think there is supposed to be a grocercy store in the West End at or near Riverplace. Maybe someone else can confirm or deny that.

As for residential, you may be right, but the rate of new towers and such that are going up seems to prove otherwise. If there were no demand, these things wouldnt be constructed. Eventually there amy be anough density downtown to warrant a fixed transit line. They could use a bus-style trolley in the mean time.

[vicupstate]

I think there is supposed to be a grocercy store in the West End at or near Riverplace. Maybe someone else can confirm or deny that.

As for residential, you may be right, but the rate of new towers and such that are going up seems to prove otherwise. If there were no demand, these things wouldnt be constructed. Eventually there amy be anough density downtown to warrant a fixed transit line. They could use a bus-style trolley in the mean time.

<{POST_SNAPBACK}>

While there was a place reserved in West End for a grocery store, I think that is off the table now that Publix is going to McBee Station. Of course, maybe Bi-Lo will up the ante and build in West End. Not likely though, the North Main store doesn't seem to do too well.

I think everyone is waiting to see if the Downtown residential market is reaching its saturation point. Several of the units in Poinsett Corners were bought as investments, for example. It will be interesting to see if the 44 downtown units currently on the market sit, or sell. There are like 9 office or residential condo buildings proposed. They can't build without pre-sales or leases. The next 12-14 months will be pivotal, IMO.

Just how many singles, childless couples, empty-nesters in Greenville have the income and desire to live downtown? We may soon have an answer. Hopefully, the answer is "thousands".

[Spartan]

They are only building luxury units though. Do you think they might begin to cater to the middle class?

[vicupstate]

They are only building luxury units though. Do you think they might begin to cater to the middle class?

<{POST_SNAPBACK}>

I wish they would, but there is little incentive to do that at least until the luxury market is largely saturated. A developer is going to maximize his profit. Some of the West Pendleton projects are affordable, so that will be looked at closely, I'm sure.

[g-vegasman]

They are only building luxury units though. Do you think they might begin to cater to the middle class?

<{POST_SNAPBACK}>

Personally, I am single guy with no kids and I make decent money. I could not afford a luxury condo downtown, but if they made it more affordable I would consider selling my house and moving downtown. I feel quite certain a lot of single folks or even married folks feel the same way I do.

[gs3]

With all the development slated for the County and especially downtown could we be over saturating (sp?) the market in real estate. With the addition of even more office space downtown could we run into the problem where we have to much office space not occupied?

I for one am happy with all the development, but one has to admit there is a lot getting ready to happen all at once (within the next year). Is Greenville ready for it? No one wants vacant buildings. I believe the new buildings will fill up but will this leave the tennants in Greenville's older buildings packing up for the newer buildings thus creating buildings that we don't need anymore?

<{POST_SNAPBACK}>

I don't believe GV is over developing. I think this is just the beginning of a long growth streak for Greenville. Being in the heart of the I-85 corridor, it's hard to imagine how GV could not grow.

I know nothing about real estate, so others can answer this.....but if, if Greenville overbuilt, wouldn't the market correct itself? Prices would drop to attract more tenants? Construction would slow to lower vacancy rates? I'm just assuming based on simple economics.

[Greenville]

That is why I think there will soon be an announcement for at least one new high-rise building with nothing but apartments/condos which contains mostly (if not exclusively) moderately-priced units. It makes sense, because a LOT of people want to move downtown but can't afford the hefty price tag. If such a building is constructed, it will surely be a tall building to maximize the land investment (since there is no charge for how high up a building goes).

There is definitely a market for this, and I bet the units would be gone quickly whether the owner of the building leased the units, or whether the units were purchased by others in order to be lived in/leased.

[GvilleSC]

That is why I think there will soon be an announcement for at least one new high-rise building with nothing but apartments/condos which contains mostly (if not exclusively) moderately-priced units.  It makes sense, because a LOT of people want to move downtown but can't afford the hefty price tag.  If such a building is constructed, it will surely be a tall building to maximize the land investment (since there is no charge for how high up a building goes).

There is definitely a market for this, and I bet the units would be gone quickly whether the owner of the building leased the units, or whether the units were purchased by others in order to be lived in/leased.

<{POST_SNAPBACK}>

I'm waiting for this to happen. I think it's just a matter of time. Hopefully by the time I'm out of college we'll have one ready for me to buy into.

[g-vegasman]

That is why I think there will soon be an announcement for at least one new high-rise building with nothing but apartments/condos which contains mostly (if not exclusively) moderately-priced units.  It makes sense, because a LOT of people want to move downtown but can't afford the hefty price tag.  If such a building is constructed, it will surely be a tall building to maximize the land investment (since there is no charge for how high up a building goes).

There is definitely a market for this, and I bet the units would be gone quickly whether the owner of the building leased the units, or whether the units were purchased by others in order to be lived in/leased.

<{POST_SNAPBACK}>

I can tell you this, I for one would definatewly be interested in mvoing into a highrise like that if I could afford it. If you build it, they will come!

[RestedTraveler]

I can tell you this, I for one would definatewly be interested in mvoing into a highrise like that if I could afford it. If you build it, they will come!

<{POST_SNAPBACK}>

Ditto!

[NYTransplant]

I can tell you this, I for one would definatewly be interested in mvoing into a highrise like that if I could afford it. If you build it, they will come!

<{POST_SNAPBACK}>

My wife & I would love to live downtown, but our commutes would be horrible. She drives to Spartanburg, and I to Duncan.

Maybe I'll retire downtown. Only another 20 years away

[Spartan]

My wife & I would love to live downtown, but our commutes would be horrible.  She drives to Spartanburg, and I to Duncan.

Maybe I'll retire downtown.  Only another 20 years away

<{POST_SNAPBACK}>

You should move to Sparkle City... it might make the commute less of an issue Duncan is like 10-15 mins from the westside, and downtown is 5-10 depending on where you are.

[NYTransplant]

You should move to Sparkle City... it might make the commute less of an issue Duncan is like 10-15 mins from the westside, and downtown is 5-10 depending on where you are.

<{POST_SNAPBACK}>

Actually, we almost did. I still have an empty lot in Hawk Creek on the west side. It's been for sale for 2 years, but no takers. No biggie, I'll just sit on it.

Nothing personal, but we're both glad we are in Greenville, rather than Spartanburg. Even if the commute is longer.