Growing Occupancy and Development Plans Kick-Off 2015
- 2015 is off to a great start with positive absorption and record high rental rates throughout the Greenville, South Carolina office market.
- All eyes are on the Central Business District as plans for new office, residential and mixed-use developments continue to make headlines.
- The market is embracing the growing tech industry.
- Construction continues on One Research Drive at the Clemson University International Center for Automotive Research (CU-ICAR) campus.
The beginning of 2015 brought declining vacancy rates and top rental rates to the Greenville, SC office market. A tightening office market is driving rental rates up as landlords take advantage of competitiveness among tenants seeking quality office space. Asking rental rates for the overall market averaged $18.24 per square foot per year, up from $18.11 at year-end 2014 and $17.69 a year ago, increasing 3.1% in just 12 months. Class A asking rental rates averaged $20.78 per square foot per year, almost $1.00 more than the average a year ago.
The first quarter ended with a total vacancy rate of 17.2%, down from 17.5% at year-end 2014 and 19.1% a year ago. Approximately 26,000 square feet of office space was absorbed by the market throughout the quarter. The greatest activity was experienced by Class A office space with approximately 20,000 square feet absorbed and a subsequent vacancy rate of 14.2%, down from 14.6% at year-end 2014.
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