The Greenville office market began to exhibit signs of a turnaround during the first six months of 2003, fueled primarily by the continued improvement in the Central Business District (CBD). Overall market occupancy was 78% at mid-year, and the availability rate (availability rate is vacant space added to sub-lease space) was 25%. In other words, 25% of the total inventory of office space is available, either through direct vacant space from landlords or sub-lease space. Net absorption for the first six months of the year was 28,000 SF, primarily fueled by strong absorption in the CBD.
Central Business District
The CBD market fueled the slight turnaround of the overall market. The occupancy rate was 87.8% at midyear, up from 86.2% at year-end 2002. Many consider Class A space to be the true barometer of the health of the market. The Class A occupancy rate was 90.4%, up from 89.5% at year-end 2002. The CBD availability rate was 15%, down slightly from 16.7% at year-end 2002. Net absorption for the period was strong at 42,000 SF.
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