Colliers Greenville-Spartanburg Office Report: Strong downtown demand pushes rent growth
January 9, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 Greenville-Spartanburg Office
Market Highlights
The Greenville office market continued a trend of strong performance, absorbing 112,377 square feet as Class A availability in downtown spaces remains virtually nonexistent at 3.89%. Suburban spaces remain largely healthy, though larger blocks of vacancy continue to depress overall weighted rents across all classes.
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Key Takeaways
- Downtown Class A spaces offer minimal availability
- Tenants considering suburban spaces face relatively few constraints
- Lima One Capital’s departure from County Square creates new questions for downtown construction
Summary
With future plans for offices at County Square unclear and no new downtown construction imminent, demand pressure will continue to push Class A rents higher while boosting CBD Class B demand and competition. Availability is not a significant constraint on tenant decision-making for suburban spaces, keeping rent growth modest as plenty of larger blocks remain available.
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 are the largest manager of commercial real estate properties in South Carolina with a portfolio of over 25 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 which currently exceed $1.1 billion in project value.
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.
