Greenville office market report

Q4 2022

The ‘flight-to-quality’ tendency has been a steady trend in the Greenville/Spartanburg office market that continues to hold true. Over the past year, development activity has continued to favor Class A buildings.

-0.1%

Net absorption

Net absorption as a share of inventory decreased by 0.1% from Q3 to Q4 2022.

97.8%

Construction activity

Class A office developments took up 97.8% of construction activity this quarter.

3.8%

Vacancy

The Upstate experienced a 3.8% increase in vacancy since the previous quarter.

-36.8%

Remote work

The share of remote office job postings in the market is 36.8% less than the national average.

689k sf

Development

There was 689k sf of office development activity in the fourth quarter.

$23.56

Asking rent

The average asking rent this quarter was $23.56 psf, increasing by 1.9% since Q3

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Get in-depth office market reports and insights from commercial real estate experts in the Greater Greenville area. Avison Young advisors look at Greenville commercial real estate activities and the latest Greenville statistics to provide you expert market research on Greenville's office properties.

Explore different topics like the latest office market pricing trends and analysis of Greenville's current office real estate market conditions. Gain a better understanding of Greenville’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Greenville's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Greenville.

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