Colliers Greenville-Spartanburg Office Report: Downtown demand offset by suburban move-outs
April 7, 2025
Commercial Real Estate Research & Forecast Report
Q1 2025 Greenville-Spartanburg Office
Market Highlights
Downtown Greenville Class A asking rents are beginning to stabilize after rising over 20% in the past two years behind a combination of high demand and low availability. The market saw healthy demand, recording over 118,000 square feet of new leases, though net absorption was negative for the first time in six quarters driven by move-outs from suburban Class C properties. While overall absorption has been strong, many suburban tenants have elected to downsize in favor of higher-quality space as a return-to-office trend continues to develop.
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- Minimal availability continues to boost downtown rents
- Suburban Class C spaces continue to shed occupancy
- Upcoming development in Spartanburg likely to push rent growth
Summary
As remaining pre-Covid leases expire, suburban space is likely to heat up as new market entrants attracted by the Upstate’s overall business climate seek more affordable Class A and B options. Despite minimal Class A vacancy and sufficiently high rents, new Greenville CBD office construction is not imminent as pre-leasing has proven challenging.
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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
