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2021 Q3 Greenville Spartanburg Office Report

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What is next for the Greenville-Spartanburg office market?

Key Takeaways

  • High-quality vacancies are few; owners may need to get creative and divide large blocks of office space to meet demand
  • Upfitting dated spaces will increase market rental rates

There was a flight to quality in Greenville-Spartanburg evidenced by the decreasing Class A and B vacancy rates and increasing Class C vacancies. Downtown Class A vacancy rate decreased to 12.52% while overall Class C vacancy rates increased to 34.42%. Tenants are flocking to high-quality, move-in ready office suites and are willing to pay a higher price to get it. Owners of large, high-quality blocks of space will likely need to creatively divide them into smaller suites with shared amenities to accommodate the increasing demand for smaller offices. 

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2021 Q3 Greenville Spartanburg Office 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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