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2020 Q2 Office Greenville Spartanburg Report

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Pandemic stifles office leasing activity

Key Takeaways

  • Due to hesitancy surrounding the Coronavirus, office market absorption was positive, but minimal. The overall office market absorbed 35,232 square feet.
  • No new construction was delivered to the Greenville-Spartanburg submarkets during the second quarter of 2020.
  • In the next few quarters rental rates are expected to continue to rise, pushed by an overall increase in building operating expenses and construction costs. With rates continuing to rise, rental concessions are expected to rise as landlords fight to maintain occupancy through changing workplace dynamics.

Office activity hits pause during the second quarter of 2020 

Commercial real estate absorption within the Greenville-Spartanburg submarkets was minimal during the second quarter of 2020. The highest positive absorption within one building was 8,808 square feet and the building losing the largest tenant only posted negative 10,295 square feet. There were only 18 buildings that posted any positive absorption in Greenville-Spartanburg market; while only 10 buildings posted negative absorption. The hesitancy resulting in marginal activity was caused by uncertainty surrounding the pandemic. While tenants navigated through the challenges of working remotely and updating safety precautions in anticipation of returning to their offices, leasing activity was put on hold. However, office leasing activity is expected to resume at a positive rate during the third and fourth quarters and quarantine restrictions are relaxed or lifted and tenants reassess their office leasing needs post-Coronavirus. 

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2020 Q2 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 $500 million 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

Senior Brokerage Associate

Greenville

I specialize in office leasing and investment sales, working 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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