Market Trends

  • The Greenville office market consists of 5.2 million square feet of multi-tenant office buildings situated in the Central Business District (CBD) and the suburban market. As of June 30, 2000, the overall Greenville office market was 78%occupied, including sublease space. This is roughly the same level as of year-end 1999. Sublease space is still a major factor in the market as companies continue to downsize and restructure. Absorption for the first half of 2000 totaled 30,200 square feet.
  • By many accounts, the strength of the market can be measured by several factors including the occupancy rate of Class A space, the presence of new construction in the market and increasing rental rates. As of mid-year 2000 the occupancy rate for Class A space was 77%, rising to 89% when sublease space is excluded. Overall the office market had no multi-tenant office buildings under construction as of mid-year 2000 as the market continues to absorb new product delivered during 1999. The Greenville market is experiencing flat rental rates as the market absorbs new product delivered during 1999 and the substantial amount of sublease space currently on the market.

Forecast

  • The Greenville office market should remain healthy during the second half of 2000. Although the first six months of 2000 produced little absorption, the activity taking place in the market indicates a strong second half of 2000.

Absorption for the remainder of the year should exceed 200,000 square feet within the market. New lease activity will be generated from the growth of technology and communication firms.

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