Activity Strengthens in First Quarter.

The office market in Greenville, South Carolina, started 2011 in what most would call a slow and steady road to recovery.  Tenant Activity was much improved over levels experienced 12 months prior, with absorption in the suburban markets resulted leading to a market-wide absorption totaling 130,481 square feet during the first three months of the year.  

In the CBD, activity was seen from a wide variety of tenants.  Insurance companies and law firms were both extremely active, and talk of development was centered around the corner of Main Street and Washington Street.  This bodes well for the economic recovery of Greenville, as office development has yet to gain traction in the other major markets in South Carolina.

Job growth for the Greenville MSA continued to increase during the first quarter of 2011, as the private sector added 4,200 new jobs during this three month period.  Job growth was largely concentrated in the private and business services sectors, which will likely bring about long-term expansion of the office market.  

We anticipate that the levels of job growth experienced in the first three months of the year will result in additional absorption during the second quarter.  Construction will likely be minimal for the remainder of 2011, but developers who are able to find an anchor tenant, and thus the ability to find financing,  may find this an opportune time to develop.

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