2020 Q3 Office Greenville-Spartanburg Report

Download Report
Office_Header_1536x730

Office deal activity remains constant, sublease space increases

Key Takeaways

  • Large blocks of office space becoming available created negative absorption and overshadowed the 37 office sales transactions and 58 leases executed during the third quarter of 2020.
  • No new construction was delivered to the Greenville-Spartanburg submarkets during the third quarter of 2020.

Deal velocity is steady

The Greenville-Spartanburg office market has many options for tenants to choose from due to new space becoming available. Sublease space availabilities have increased to 152,573 square feet this quarter to go along with approximately 1.79 million square feet of direct vacancies throughout the market. Most of these vacancies have been caused by downsizing or closures due to the pandemic. Despite negative absorption surpassing the positive activity due to large blocks of space becoming available, there are still many deals being executed throughout the market. According to CoStar, there were 37 office sales transactions and 58 leases executed during the third quarter of 2020. Most of the executed leases were for office space ranging from 1,500 square feet to 5,000 square feet; therefore the large blocks of office space becoming available overshadowed the deal activity creating negative absorption. Office sale transactions are popular because interest rates are at an all time low, and companies like the idea of being able to control their own space with minimal contact with others. Deal velocity is expected to increase through year-end as more employers and employees reopen and businesses move to accommodate their post-pandemic needs. In addition, Greenville-Spartanburg offices may also find increased activity from tenants within larger markets looking to relocate to a smaller market with less population density. 

Download pdf

Download the full report

For more information, including the market summary statistics, download the full research report.

Download report

Greenville office report

2020 Q3 Office Greenville-Spartanburg Report

Download Report
Related Experts

Brantley Anderson

Senior Brokerage Associate

Greenville

As a Senior Brokerage Associate in the Greenville, SC office, I specialize in office leasing and sales, as well as tenant representation. My primary responsibility is to represent local ownership entities, private equity groups, and national REITS on their real estate portfolios in the Upstate. Working through acquisitions, repositioning, leasing, and disposition, our team delivers comprehensive leasing strategies and innovative solutions to landlord clients. Utilizing a marketing background, I am able to think creatively and provide effective solutions for rebranding and repositioning assets in our portfolio, maximizing the potential of each property and positioning clients for success. Our innovative property marketing, financial analyses and thoughtful comprehensive leasing strategies are best in class.

My team is responsible for the leasing of over 1,500,000 square feet of office properties in the market. 

Since 2015, my team has completed more than $220,000,000 in transactional volume.

View expert

Taylor Allen

Senior Brokerage Associate

Greenville

As a Senior Brokerage Associate in the Greenville, SC office, I specialize in office leasing and sales. My primary responsibility is to represent local ownership entities, private equity groups and national REITS on their real estate portfolio in the Greenville-Spartanburg market, also known as the Upstate. Working through acquisitions, repositioning, leasing and disposition, our team delivers innovative solutions to both landlord and tenants alike.

My strength is providing creative solutions to our firm’s clients, including landlords, tenants and investors by incorporating local expertise while leveraging the Colliers platform. Bringing value to every transaction is my goal, and I can accomplish this goal through creativity and a strategic approach.

View expert

Bailey Tollison

Brokerage Associate

Greenville

As a Brokerage Associate in the Greenville office, I specialize in office leasing and sales, working on the office brokerage team alongside Brantley Anderson and Taylor Allen. My banking background provides a unique perspective to my team and our clients, who consist of local ownership entities, regional and national REITs and private equity entities.

The most rewarding part of my job is forming long-standing relationships with clients that don’t end after a transaction is complete. Our team’s dedication to helping our clients achieve their business goals creates meaningful relationships and repeat business.

View expert