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2022 Q4 Office Greenville Spartanburg Report

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Elevated interest rates affecting office sales

Key Takeaways

  • Office sale velocity has slowed due to increasing interest rates and economic uncertainty
  • A few new large blocks of vacancy created most of the negative absorption during the fourth quarter of 2022
  • Class A continues to outperform Class B and C offices

Interest rates and economic uncertainty have caused sales (both investment and owner-occupant) to slow dramatically. Demand still exists in this market, but owners are unwilling to sell. Capitalization rates are higher than they have been in years, therefore, the investor motivation to purchase office buildings has waned. Also, owners who financed their office buildings at a low interest rate are holding on to them. Cash is still the best way to complete deals. Smaller deals using cash transactions are selling at capitalization rates near 6%. These deals are mostly medical office deals and are typically single-tenant, long-term, triple-net deals.

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2022 Q4 Office Greenville Spartanburg Report

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Related Experts

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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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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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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