Colliers Report: Greenville-Spartanburg Office Market Q2 2025
July 15, 2025
Tenant expansions drop vacancy to three-year low
Market Highlights
Greenville’s downtown demand is hot as small new vacancies only served to add liquidity, while vacancy remains concentrated in a couple of buildings. As rents rise, developers are looking to reset with pre-leasing at University Ridge after construction delays stalled plans for a Lima One-anchored project. New office construction is also planned in downtown Spartanburg in a baseball stadium-anchored development. Professional services (especially engineering) tenants are highly active in the market as expansions are common.
Continue reading the full report.
Key Takeaways
- Downtown Class A vacancy remains minimal though new vacancies add some liquidity
- Lease expirations offer landlords an opportunity to push rents
- Developers still challenged to meet perfect storm of factors for new construction
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.
