2019 Q2 Office Greenville-Spartanburg Report

Large office blocks becoming scarce

Key Takeaways

• Class A office space accounts for 112,228 square feet of the central business district absorption.
• Large leases drop the vacancy rate to 11.75% and the trend is expected to continue until the big blocks of office space are no longer available.
• The average weighted rental rate is expected to drop in the next few quarters until new office product delivers to the market.

Greenville absorbs large blocks of space

Greenville is a vibrant city with prospering corporations either moving into the area or expanding their existing footprint. No matter what the circumstance, Greenville is rapidly leasing large blocks of square feet within several downtown buildings. The uptick in leasing activity is making large office spaces scarce within the market. During the second quarter of 2019, there were 117,000 square feet leased among four companies as shown below.