Audrey Frey is the senior managing director and market leader for CBRE’s South Carolina business. She oversees business operations and drives growth across all advisory service lines in Charleston, Columbia and Greenville.
Frey, who has more than 25 years of experience, previously held leadership roles at CBRE in Atlanta and was the U.S. East Region leader for the Broker Operating Platform. She is passionate about mentoring and has actively participated in industry-leadership roles, including within the networking organization Commercial Real Estate Women. Beyond her work, Frey has loved getting to know the Greenville market and making it her home.
In her free time, you can find her exploring the diverse culinary scene, hiking the Swamp Rabbit Trail or enjoying Falls Park on the Reedy with her husband, Dan, and two dogs, Ralph and Phil.
Q & A with Audrey Frey
Q. How would you describe the overall health of the commercial real estate sector in this region? Are there areas where it’s stronger? Weaker?
A. The commercial real estate sector in this region is generally positive, supported by a diverse economy and growing population. The Upstate area has demonstrated remarkable resilience, weathering the challenges of the pandemic and subsequent economic uncertainties with relative ease.
The industrial sector is particularly strong, driven by high demand, low vacancy and ongoing development. Additionally, the multifamily sector is experiencing strong demand, fueled by the region’s growing population. While the local office market is performing well overall due to steady growth of many of our local and regional companies, the national headwinds for office (space), due primarily to high interest rates and construction costs, are making new office development difficult and therefore is something we are keeping top of mind.
Q. Since the pandemic, it seems demand for office space/buildings has shifted or even slumped significantly in some parts of the country. Is that a trend you’re seeing in the South Carolina market?
A. While the pandemic has impacted office utilization nationally, South Carolina’s market has experienced a less severe shift. Some large national companies are downsizing or taking longer to make decisions; however, many of the local and regional companies have continued to find the ability to attract and recruit talent into South Carolina markets.
Additionally, the “flight to quality” trend continues to create a “tale of two markets,” with downtown Class A spaces featuring desirable amenities and high walkability generating increased demand and commanding much higher rents. Moving forward, the landlords who continue to invest in their buildings and remain current with amenities and move-in-ready suites will continue to out-perform the market and be rewarded accordingly with higher credit and more stable tenants.
Q. Mixed-use projects have become common in the Upstate in recent years, particularly in more urban areas. Can you explain their appeal and whether that trend is likely to continue?
A. Mixed-use projects are flourishing in the Upstate due to their broad appeal, particularly in Greenville and Spartanburg. These developments offer a compelling blend of benefits for developers, businesses, residents and the community. Mixed-use projects offer walkability, convenience and a sense of community, while also driving economic benefits like increasing property values and supporting job creation. This trend will continue, as evident with the County Square project in downtown Greenville.
Q. Given the explosive population and economic growth across our region in recent years, have there been any challenges in maintaining sufficient commercial real estate inventory to meet demand?
A. Yes, there are challenges in maintaining sufficient commercial real estate inventory due to the rapid population and economic growth. New construction can struggle to keep pace with demand, exacerbated by rising construction costs for materials, labor and land. The impact of higher interest rates on borrowing costs has further complicated development. These factors coupled with increased competition for space have resulted in a tight market overall.
Q. What do you enjoy most about your job?
A. I enjoy the blend of challenges and opportunities my job provides and the daily variety of tasks, making each day unique. I like solving problems, supporting brokers in their business-development efforts and engaging with the community. I am also passionate about mentoring and helping develop the next generation of real estate professionals.
