Suburban office properties in demand
- Class A office space accounted for over half of the total office market absorption - 165,802 square feet of Class A space was leased during the third quarter of 2019.
- Spartanburg absorption is predicted to be positive in the next few quarters due to high demand and the coworking concept rising in popularity.
The Spartanburg office market continues to post positive activity quarter-over-quarter. The Spartanburg Class A office space posted negative absorption this quarter; however, only 22,718 square feet of Class A office space remains to choose from-the occupancy rate is 95.11%. Due to the lack of Class A options, office space in Class B and C suites will absorb at a higher rate in the next few quarters.
In addition, the coworking office model concept is expected to lead to positive absorption in the future in Spartanburg. Coworking popularity has been on the rise around the country for some time and now Spartanburg is onboard. Building owners are opening up to the concept of offering coworking options with collaboration spaces, shared equipment and outdoor working green spaces. Throughout the nation, executives are steering away from the siloed offices and moving toward an open and collaborative way of working and Spartanburg is joining in on the trend. In regard to adjusting to the coworking concept with modern amenities, downtown Spartanburg offices are most likely to adapt and be leased quickly because it is a walkable area, close to several restaurants and retail shops and located near convenient parking.
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