CBD offices in Greenville and Spartanburg eclipse suburban counterparts as demand shifts to experience-driven work environments
- Due to limited new construction and a strong demand for a higher concentration of amenities, the Greenville/Spartanburg CBD was experiencing a vacancy rate of just 10.1% at the beginning of the year, significantly lower than the suburban submarkets, which was at 18.1%, and the U.S. average of 23.1%.
- Since 2019, the suburban submarkets of Greenville/Spartanburg have experienced a notable 11.1% increase in vacancy rates within their class A office buildings.
- This increase, as a result of the pandemic’s long-term effects, is largely attributed to tenants reassessing their office requirements. As the focus shifts from flight-to-quality to flight-to-experience, high-quality class A CBD office buildings will remain at the forefront of demand.
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US-SC-GSP Greenville