Colliers Greenville-Spartanburg Office Report: CBD and suburbs perform well in the first quarter of 2024
April 12, 2024
Commercial Real Estate Research & Forecast Report
Q1 2024 Greenville-Spartanburg Office
Market Highlights
Overall office performance improved in the first quarter of 2024 as 202,074 square feet were absorbed, decreasing vacancy to 16.25%. Expansions downtown were also more prevalent, removing blocks of higher-rate Class A and B spaces from the market.
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Key Takeaways
- Absorption and vacancy improved from Q4 2023
- Activity and performance differences grew between CBD and suburban spaces
- Company expansions and need for additional space drove decreases in CBD vacancy
Summary
This absorption of available space caused a decrease in overall Class A lease rates to $27.43 per square foot due to the remaining vacancy being in less desirable buildings, however, Class B spaces experienced an increase and C spaces remained flat. The Greenville-Spartanburg office market remains attractive and performance metrics are expected to further improve in the second quarter of 2024.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 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 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
