Colliers Greenville-Spartanburg Office Report: Downtown rents grow while suburbs lead absorption
October 14, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Greenville-Spartanburg Office
Market Highlights
Vacancy in Greenville’s Central Business District (CBD) continues to drop as asking rents rise sharply, highlighting a strong third quarter for Greenville’s office market. The newest downtown Class A buildings have minimal availability, leading to competition between tenants for prime spaces at rates as high as $45 per square foot while Class B and older Class A buildings saw vacancy rise slightly.
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Key Takeaways
- Rental rates in downtown Class A spaces continue to rise sharply, reaching as high as $45.00/SF
- Tenant allowances higher in suburban properties
- Overall Upstate market performance leading to growth
Summary
Much of the market’s demand is driven by sectors supporting the Upstate’s strong regional growth, including engineering, construction and finance, with firms choosing to relocate or grow within the market. Suburban markets saw performance bounce back after several quarters of mixed results, absorbing 58,989 square feet as Class B rates in downtown Greenville rose sharply.
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 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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.
