Increased Availability & Lowered Rental Rates
The Greenville, SC office market ended the second quarter of 2013 with increased availability and lower rental rates. Approximately 146,000 square feet were given back to the market yielding a vacancy rate of 18.41% for the quarter, just 34 basis points higher than a year ago, but 186 basis points higher than the first quarter of 2013. Much of the net negative absorption occurred in the suburban submarkets although the Central Business District (CBD) also experienced an increase in vacancy rate for the quarter. Overall average rental rates for the market were down to $16.36 per square foot per year from the first quarter, but remained 18 cents higher than the second quarter of 2012.
Central Business District Submarket
Planned tenant relocations to ONE Greenville, the newest office building in the Greenville market, are generating increased availabilities in other CBD office buildings. As a result, the CBD submarket’s second quarter vacancy rate was up to 16.41% from the previous quarter’s 15.61% with average asking rental rates declining slightly to $18.45 from $18.57 per square foot earlier this year.
ONE Greenville, a 385,000 square foot class-A multi-use project, is under construction with an anticipated delivery date in the fourth quarter of 2013.
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