- Greenville’s office vacancy has fallen to 11.58% in 2026 YTD, down from 14.31% one year ago, marking the first meaningful break below the 13% threshold that has largely defined market conditions following the pandemic.
- The decline reflects a combination of improving leasing demand, limited new supply, and continued absorption across both downtown and suburban markets. With little speculative office development in recent years, new demand has largely been absorbed within existing inventory, helping push full service (FS) asking rents up $2.85 per square foot year over year, the largest annual increase in the past decade.
- Greenville-Spartanburg continues to benefit from above-average employment growth, supporting demand from office-using industries and maintaining a healthy pipeline of tenant activity. These fundamentals position the market for further vacancy compression and healthy rent growth over the next several quarters.
Greenville office vacancy falls to lowest level since 2019
September 21, 2026
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