First Steps to a Healthy Office Market
The first quarter of 2013 was accompanied by improvements for the Greenville, SC office market as the total vacancy rate for the market dipped 172 basis points to 15.46% after absorbing approximately 141,000 square feet of office space during the quarter. Both the Central Business District (CBD) and suburban submarkets showed positive absorption and decreased vacancy rates ending the quarter with total vacancy rates of 14.38% and 16.13%, respectively.
Despite the progress made during the quarter, the market faces a continuing struggle as much of the available space is not the quality that most companies are looking for. New talent, regional headquarters and start-up companies targeting Greenville’s office market are in search of higher-end innovative space where they can retain talent and employees. The market is hopeful for future redevelopment and construction projects to enhance the quality of inventory in the market.
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