Colliers Report: What is next for the Greenville-Spartanburg office market?

October 5, 2021
Commercial Real Estate Research & Forecast Report
Q3 2021 Greenville-Spartanburg Office

Market Highlights

There was a flight to quality in Greenville-Spartanburg evidenced by the decreasing Class A and B vacancy rates and increasing Class C vacancies. Downtown Class A vacancy rate decreased to 12.52% while overall Class C vacancy rates increased to 34.42%. Tenants are flocking to high-quality, move-in-ready office suites and are willing to pay a higher price to get it. Owners of large, high-quality blocks of space will likely need to creatively divide them into smaller suites with shared amenities to accommodate the increasing demand for smaller offices.

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Key Takeaways

  • High-quality vacancies are few; owners may need to get creative and divide large blocks of office space to meet demand
  • Upfitting dated spaces will increase market rental rates


Most of the high-quality office spaces are leased in the market reinforcing the need for gutting and upgrading of the remaining tired spaces. However, the challenge is balancing costly upfits with increased rental rates required to pay for them.

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About Colliers

Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2020 brokerage volume exceeded $533 million, which included over 456 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers | South Carolina’s staff hold 49 professional designations, the most 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 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at, Twitter @Colliers or LinkedIn.