Economic growth follows patterns, and what happened in Atlanta in the late 20th century, followed by Charlotte in the early 21st century, is now unfolding in Greenville, SC.
Investors paying attention to these trends have a chance to get in early. Like Atlanta and Charlotte did, Greenville is expanding across commercial, industrial, and residential real estate. Those who recognize this now can take advantage of the opportunities of a rapidly growing market.
Atlanta (1970–1990): The Rise of a Metropolitan Powerhouse
From 1970 to 1990, Atlanta experienced rapid economic expansion fueled by urbanization, infrastructure investment, and the rise of corporate headquarters. Completing the I-285 Perimeter and expanding Hartsfield-Jackson Atlanta International Airport made Atlanta a major logistics and transportation hub.
Companies like Coca-Cola, Delta Air Lines, and Home Depot took advantage of the city’s momentum, and the financial sector followed. As businesses moved in and the population grew, real estate demand skyrocketed. Residential construction increased, industrial development expanded, and commercial real estate thrived.
Charlotte (1990–2010): The Banking Boom and Urban Renaissance
The banking sector drove Charlotte’s growth from 1990 to 2010, making it the second-largest banking hub in the U.S., with Bank of America and Wachovia (later Wells Fargo) leading the way.
The city diversified its economy by expanding energy, healthcare, and professional services. Urban development projects, such as the Lynx light rail and the revitalization of Uptown Charlotte, attracted businesses and new residents.
According to the Charlotte Regional Business Alliance, Charlotte’s population exploded during this period. Projections estimate a 50% increase over 30 years, reaching 4.5 million by 2030. The demand for housing surged, with roughly 100 people moving to the city daily. Office buildings, retail centers, and commercial developments expanded to meet the needs of businesses and workers.
If Charlotte’s trajectory sounds familiar, it should. It followed Atlanta’s path almost step for step, just on a slightly smaller scale. Those who recognized this trend early benefited as the city grew into a dominant economic force in the Southeast.
Greenville, SC (2010–2030): The Next Frontier for Investment
Greenville’s economic rise since 2010 has centered on advanced manufacturing, technology, and long-term growth. BMW’s continued expansion and growing network of automotive suppliers have brought foreign investment and job creation to the region.
Downtown Greenville has transformed, attracting startups, skilled professionals, and a wave of new residents. Sectors like healthcare, technology, and education are expanding, and infrastructure investments are keeping pace.
Greenville is now following the same playbook Atlanta and Charlotte used:
- Residential Growth: As of January 2025, Greenville had 4,638 active real estate listings, a 32.4% increase from the previous year, according to the Greater Greenville Association of REALTORS and the MLS of Greenville. Homes stay on the market slightly longer, averaging 61 days—an indicator of shifting market dynamics as supply catches up to demand. Between 2000 and 2020, Greenville’s population grew from approximately 56,000 to nearly 71,000, adding about six new households per week during that period.
- Industrial Expansion: The industrial real estate market continues to grow, with vacancy rates rising by 70 basis points to 11.6% in Q4 2024, the highest recorded level since 2006, according to Cushman & Wakefield. This reflects new industrial facilities built to accommodate the region’s expanding economy.
- Commercial Development: Retail, office space, and mixed-use developments continue to grow, following the pattern of urban revitalization seen in Charlotte two decades ago.
Why the History Lesson? Practical Takeaways for Investors
If history is any indication, this is a moment worth paying attention to. Here are some ways to apply lessons from Atlanta and Charlotte to Greenville today:
- Residential Real Estate: The demand for housing is increasing. This presents opportunities in new developments, rental properties, and mixed-use communities.
- Industrial Expansion: Logistics and manufacturing hubs are expanding, creating opportunities in warehouse development, distribution centers, and supply chain infrastructure.
- Commercial Development: A growing workforce and business climate support retail, office, and hospitality investments.
- Workforce Development: As new industries emerge, investing in education and workforce training will help sustain long-term economic growth.
Each of these cities has experienced rapid growth, and now it’s Greenville’s turn. The good news is that Greenville has a roadmap, unlike Atlanta and Charlotte, where early investors had to navigate uncharted territory. The patterns are clear, and there’s a lot we can learn from them.
Greenville is in the middle of a transformation. Now is the time to invest—before it reaches the same saturation level as Atlanta and Charlotte. Are you ready to be a part of building that?