The Greenville-Spartanburg office market has begun to recover
- First half of 2022 should see more leasing and lower vacancy
- Worst of COVID downturn has passed
- Flight to quality space is accelerating
The Greenville-Spartanburg office market reached the bottom of the COVID driven economic cycle in the fourth quarter of 2021 with the market beginning to recover and substantial leasing activity occurring across the market. Because absorption is based on physical occupancy, it was flat in the fourth quarter despite a number of substantial leases that were signed. Compared to the fourth quarter of 2020, the suburbs had a net negative 2,550 square feet of absorption and the CBD had a 70,382 net negative square feet absorbed.
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