The Greenville Office Market improved slightly during the first six-months of the year, fueled primarily by a strong performance by the Suburban Market. Overall market occupancy was 76.7% at mid-year 2004, up slightly from 76.1% at year-end 2003. The availability rate (availability rate is vacant space added to sub-lease space) was 25.1% down from the year-end 2003 availability rate of 25.8%. Net absorption is strong at 86,062 SF due mainly to strong absorption in the suburban market. It is important to note that net absorption for 2003 was a negative 75,700 SF, so the strong positive net absorption for the first six months of 2004 is much needed good news for the Greenville Office Market.
Central Business District
The Central Business District (CBD) market weakened slightly withe the occupancy rate at 83.9% down from 85.3% at year-end 2003. The class "A" occupancy rate also dropped slightly to 83.9%. Developer Bob Hughes started construction of the first office building of the Riverplace Development in early 2004. The 87,000 SF building is scheduled for completion in the first quarter of 2005 and is across the Reedy River from the Peace Center.
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