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2019 Q4 Office Greenville-Spartanburg Report

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New office construction will likely boost absorption in 2020

Key Takeaways

  • The I-385/I-85 submarket was the most active during the fourth quarter of 2019; it absorbed 46,485 square feet of office space.
  • Office-using jobs have declined over the past year lessening the demand for office space in the Greenville-Spartanburg market.
  • New Class A construction is expected to deliver in 2020 and will likely add to positive absorption and lower vacancy rates.

2019 Office Recap

The Greenville-Spartanburg office market absorbed 619,545 square feet over the past 12 months, 390,984 square feet of which was Class A office space. The I-385/I-85 submarket was the most active over the past year absorbing 477,180 square feet. There were five buildings delivered to the Greenville-Spartanburg office market over the past year, adding 130,769 square feet. The overall market vacancy rate dropped from 12.60% during the fourth quarter of 2018 to 10.14% this quarter. Overall average weighted rental rates fluctuated over the past 12 months, but ended up 1.8% higher than this time last year. Suburban submarkets have lower rates than they did at this time last year; however, the vacancy rate has also declined 302 basis points indicating the higher-priced spaces in the market have been absorbed. The overall market weighted rental rates averaged $20.79 per square foot during the fourth quarter of 2019. 

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2019 Q4 Office Greenville-Spartanburg Report

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Related Experts

Brantley Anderson

Vice President

Greenville

As a Vice President in the Greenville, SC office, I specialize in office leasing and sales as well as tenant representation. My primary responsibility is to represent local ownership entities, private equity groups and national REITS on their real estate portfolios in the Upstate (Greenville-Spartanburg). Working through acquisitions, repositioning, leasing and disposition, our team delivers comprehensive leasing strategies and innovative solutions to landlord clients. Utilizing a marketing background, I am able to think creatively and provide effective solutions for rebranding and repositioning assets in our portfolio, maximizing the potential of each property and positioning clients for success. Our innovative property marketing, financial analyses and thoughtful comprehensive leasing strategies are best in class.

My team is responsible for the leasing of over 1,500,000 square feet of office properties in the market. 

Since 2015, my team has completed more than $220,000,000 in transactional volume.

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Taylor Allen

Vice President

Greenville

As a Vice President in the Greenville, SC office, I specialize in office leasing and sales. My primary responsibility is to represent local ownership entities, private equity groups and national REITS on their real estate portfolio in the Greenville-Spartanburg market, also known as the Upstate. Working through acquisitions, repositioning, leasing and disposition, our team delivers innovative solutions to both landlord and tenants alike.

My strength is providing creative solutions to our firm’s clients, including landlords, tenants and investors by incorporating local expertise while leveraging the Colliers platform. Bringing value to every transaction is my goal, and I can accomplish this goal through creativity and a strategic approach.

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Bailey Tollison

Brokerage Associate

Greenville

I specialize in office leasing and sales, working on the office brokerage team alongside Brantley Anderson and Taylor Allen. Our team’s exclusive focus on office transactions allows us to be experts in our field, providing specialized knowledge to our clients’ office needs.

The most rewarding part of my job is building relationships with clients that don’t end after a transaction is complete. We feel our team’s strengths in financial modeling, marketing and data/technology, combined with a positive attitude, responsiveness and focus on customer service, provide a world-class experience for clients.

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