Colliers Report: Tenant Demand for Quality Drives New Construction and Rents
July 5, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Greenville-Spartanburg Office
Market Highlights
Tenants committed to having their staff in the office are driving demand to better quality spaces. Better quality typically means a building with modern design and finishes, a full package of amenities and an appealing, walkable area with restaurants and retail nearby.
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- Lima One Capital preleased at County Square
- Tenants want only the best
- Rental rates for Class A continue to climb
Summary
In Greenville, Main Street and the West End have largely met those criteria for the last decade. With the completion of the county administration building, a new, walkable neighborhood on the 40-acre site of the current County Square is about to begin. This quarter, Lima One Capital announced they would lease 60,000 square feet in the first office building that will anchor the private sector development.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 18 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
