Tenants search for quality office space in the Greenville CBD
- Tenants are quickly signing deals to ensure their space within the Greenville market.
- Landlords compete with moving allowances and free rent for large tenants; smaller tenants lease coworking spaces for high-quality finishes with affordable rent and flexible terms.
Tenant size determines landlord incentives
The Greenville office market has a large amount of total office space available; however, less of it is of high quality regarding configuration and amenities. Because it has been a competitive market for several quarters, tenants are renegotiating their current leases as far as 18 to 24 months in advance of the lease expiration. In addition, tenants are free to shop the market for concessions from each landlord. Free rent and moving cost allowances incentivize larger Greenville CBD tenants to execute lease deals. With an office market with limited quality space and landlords willing to compete in order to close a lease deal, tenants are motivated to quickly negotiate a lease before a competing tenant does. If a deal is not sealed quickly, larger tenants are often forced to lease their second or third choice of space to ensure their spot in the market.
High-quality amenities are an expected feature of Class A buildings, but do not hold as much weight as moving costs and free rent for larger tenants; however, the coworking model is snatching up smaller tenants at a rapid pace. Coworking is defined as a group of people (often from various companies) using a shared workspace for the purpose of convenience and collaboration. The popularity of this modern way of working is growing.
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