Colliers Greenville-Spartanburg Office Report: Flight to quality characterizes office market

July 11, 2024

Commercial Real Estate Research & Forecast Report
Q2 2024 Greenville-Spartanburg Office

Market Highlights

Office performance was mixed in the second quarter, as expiring leases and evolving tenant preferences combined with recent relocations to decrease absorption and raise vacancy. Tenants are demonstrating a strong preference for higher-quality spaces, with high-end, recently built Class A spaces driving overall rent growth.

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Key Takeaways

  • Tenants’ flight to quality driving demand throughout the market
  • Lease rates increasing due to limited supply and construction
  • Amenities becoming more important for Class B properties


Limited supply within the Central Business District constricts tenants’ options, with newly vacant spaces likely to be absorbed quickly due to consistent tenant demand. This flight to quality is reflected in Class B and suburban markets as well, with in-market tenants trading up to spaces offering greater amenities to meet changing talent market expectations.


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, X @Colliers or LinkedIn.