Colliers Report: Interest remains strong in markets near CBD
October 11, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Greenville-Spartanburg Office
Market Highlights
Greenville-Spartanburg displayed stable performance metrics in the third quarter for the office market, however, submarkets surrounding the CBD performed the strongest. Amidst overall net negative absorption in Class A and C space, rents increased to $28.16 and $19.67 per square foot, respectively.
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Key Takeaways
- Class A rents increased year over year and last quarter
- Overall vacancy increased with occupancy remaining the highest for Class A spaces
- A combined 30,093 square feet of Class B space was absorbed in the Midtown and Suburban Spartanburg submarkets
Summary
Midtown and Suburban Spartanburg saw decreases in vacancy as rates were decreased in Class B spaces. Capital investments in the Greenville-Spartanburg area remain strong with an estimated 1,180 jobs being created from projects announced in the second and third quarter of the year
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 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 19 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 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 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 corporate.colliers.com, Twitter @Colliers or LinkedIn.
