Colliers Report: Rental Rates Continue to Escalate

April 3, 2023

Commercial Real Estate Research & Forecast Report
Q1 2023 Greenville-Spartanburg Office

Market Highlights

This quarter, the asking rental rates for Class A space have exceeded their 2020 (pre-COVID) highs with CBD rates at $31.14 and suburban rates at $26.15. This is due to the combination of tenants demanding high-quality space, low-effective vacancy and a lack of new construction. Class A vacancy downtown was under 2% at the end of the quarter.

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Key Takeaways

  • Rental rates have eclipsed their pre-COVID highs and are poised to move higher
  • Most vacant space is in large blocks which cannot be easily reconfigured to meet current demand
  • Constrained capital markets impacting reinvestment
  • Owners with capital can capture new tenants


In contrast, nearly 19% of Class A space in the suburbs was vacant. However, two-thirds of it was in buildings that would require substantial amounts of reinvestment to provide the tenant experience and suite size the current office occupier demands.


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 18 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, Twitter @Colliers or LinkedIn.