Increased availabilities present opportunities for tenants
- 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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