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2018 Q1 Office Greenville-Spartanburg-Anderson Report

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GSA office market is primed for new major tenants

In January 2018, Colliers International benchmarked its office data set for South Carolina. The new standard includes: all office buildings 10,000 square feet or larger, except medical office and govern-ment-owned buildings; all single tenant office buildings; buildings in an expanded geography; data for all quarters beginning in Q4 2008; and excluding office condominiums. In addition, the submarkets are sepa-rated by class levels A, B and C (A being the highest quality space and C being of lesser quality), and are also divided into 2 divisions: Central Business District (CBD) and Suburban. The Central Business District submarket consists of a highly-populated business area with infrastructure and an office building/high-rise environment, which is often accompanied by heavy daytime foot traffic. A Suburban submarket is an area or town existing as a mixed-use community within commuting distance of a larger city. Due to the adjustments of the building inventory, comparison of data included in previously published market reports should be avoided.

Key Takeaways

  • Greenville has large blocks of space available and a thriving business environment; perfect for a headquarters location.
  • Rental rates must increase before more construction is viable.

Headquarters locale

Businesses searching for a new headquarters location will find Greenville-Spartanburg-Anderson to be an advantageous spot to land. A city is attractive to a relocating business when it is comprised of important factors such as: a location convenient for building a business and providing an incentive to move; a positive business climate and expanding economy; employment growth with a skilled workforce; and livability. Greenville encompasses all of these elements.

Greenville is located halfway between Charlotte, NC and Atlanta, GA with expedient access to I-385 and I-85. Also, the Greenville-Spartanburg International Airport allows for ease of travel by providing convenient access into and out of the city. There are currently top global companies such as Michelin, BMW and GE within the Greenville-Spartanburg-Anderson area, and it continues to gain new investor and employer interest due to the increased global trade growth. Also, the accessibility to Greenville will allow both international and national businesses to further enrich the Greenville economy. The inland port in Greer and the port expansion in Charleston, railway access and an international airport provide enhanced access to clientele which, without these attributes, may previously have been difficult to conduct business with.

In addition to a positive business climate and global access to clientele, there are several large blocks of office space available in Greenville to accommodate various tenant size needs and amenity preferences. Axis Office Park has 228,000 square feet available within two buildings, and 125 Parkway has 60,000 square feet available. There are two properties which, in addition to having large blocks of available space, are also furnished: 200 Verdae has 70,600 square feet available and 2 West Washington in downtown Greenville has 60,000 square feet to lease.

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2018 Q1 Office Greenville-Spartanburg-Anderson Report

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