Greenville-Spartanburg office market sees low vacancy and rising rates
- Continued flight-to-quality trend lowered the Class A downtown vacancy rate to 7.68%
- Rental rates will increase due to lack of space, rising construction costs and inflation
The Greenville-Spartanburg downtown Class A office vacancy rate dropped to 7.68% and is lacking large space availabilities. Tenants prefer quality offices and amenities found in the Greenville Central Business District to enhance employee retention. Rental rates are rising due to increasing construction costs and a lack of available space. While tenant improvement allowances are still offered, other concessions are more limited. Tenants are advised to renew leases early to secure office space at least one year in advance of their next lease expiration date.
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