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2022 Q2 Office Greenville Spartanburg Report

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Greenville-Spartanburg office market sees low vacancy and rising rates

Key Takeaways

  • 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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2022 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 $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 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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