Activity Beginning to Gain Momentum
- Vacancy rate is down and average asking rental rates are increasing.
- Office-using employment surpasses pre-recession employment levels in Greenville.
- New Class A office is planned for the Central Business District.
- Residential developments announced for the Central Business District.
The Greenville, SC office market is gaining momentum and will experience increased leasing velocity in upcoming quarters. The third quarter of 2014 ended with decreased vacancy rates and higher rental rates. The vacancy rate was down to 16.68% from 17.58% at mid-year 2014. Rental rates averaged $17.73 per square foot for the entire market, up from $17.52 per square foot at mid-year 2014.
Office-using employment is on the rise in Greenville, and as of August 2014, 158.8% of office-using jobs lost during the recession had been regained. As of August 2014, the Greenville-Mauldin-Easley, SC MSA was the largest employer of the office sector with 83,100 jobs, a gain of 11,400 jobs since the recession. With the presence of Clemson University’s MBA program and other undergraduate and graduate level programs throughout the region, office-using employment is likely to continue to grow yielding a higher demand for office space and lower vacancy rates.
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