Colliers Report: The Greenville-Spartanburg office market has begun to recover
January 3, 2022
Commercial Real Estate Research & Forecast Report
Q4 2021 Greenville-Spartanburg Office
Market Highlights
The Greenville-Spartanburg office market reached the bottom of the COVID driven economic cycle in the fourth quarter of 2021 with the market beginning to recover and substantial leasing activity occurring across the market. Because absorption is based on physical occupancy, it was flat in the fourth quarter despite a number of substantial leases that were signed. Compared to the fourth quarter of 2020, the suburbs had a net negative 2,550 square feet of absorption and the CBD had 70,382 net negative square feet absorbed.
Click here to read the full report.
Key Takeaways
- First half of 2022 should see more leasing and lower vacancy
- Worst of COVID downturn has passed
- Flight to quality space is accelerating
Summary
The change in occupancy in Greenville-Spartanburg was largely driven by a flight to quality best illustrated by the addition of the 150,000-square-foot Falls Tower at Camperdown in late 2020. When this building opened, tenants were able to leave lesser quality space for buildings with high-quality finishes and increased employee density.
