2020 Q4 Greenville-Spartanburg Office Report

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Increased availabilities present opportunities for tenants

Key Takeaways

  • The effects of the pandemic continue to impact the Greenville-Spartanburg office market with increased sublease space and negative absorption. 
  • There are currently 2.08 million square feet of vacant office space, 833,162 square feet, of which would be classified as Class A. This presents an opportunity for tenants to upgrade to a quality space.
  • Office tenants are choosing to become owner occupants by purchasing office space due to low interest rates and the freedom to operate their own space.
  • Rental rates are expected to remain flat or decline slightly in the coming quarters until sublease space is absorbed.

Renew, upgrade or relocate from another market

This year the pandemic has enhanced the importance of personal distance. While some businesses are choosing to work remotely into next year and renew their current leases; others are returning to the office, but may feel the need for a need for new or upgraded space in order to ensure safety measures and social distancing. There are currently 2.08 million square feet of vacant office space, 833,162 square feet of which would be classified as Class A.  These availabilities give tenants the opportunity to upgrade to a larger or higher quality space. Furthermore, out-of-market businesses can relocate headquarters to Greenville or start a new business. This is a unique time in the Greenville-Spartanburg office market for tenants to take advantage of in order to enhance their work environment and improve their office space.

 

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Greenville office report

2020 Q4 Greenville-Spartanburg Office Report

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Related Experts

Brantley Anderson

Vice President

Greenville

As a Vice President 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 (Greenville-Spartanburg). 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.

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Taylor Allen

Vice President

Greenville

As a Vice President 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.

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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. We feel our team’s strengths in financial modeling, marketing and data/technology, combined with a positive attitude, responsiveness and focus on customer service, provide a world-class experience for clients.

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