Oct
15

Greenville Office Vacancies Low, But Glut Looms

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October 15, 2008

By Richard Breen – SCBIZ Daily Staff

With construction projects in the pipeline and some already-leased space set to go back on the market, the Upstate office market may be getting ready to see vacancy rates halt a year-plus slide.

“The vacancy rate is at 13.3 percent, but in the coming quarters, it’s going to climb,” said Brian Reed, research manager with Grubb & Ellis The Furman Co. “It’s definitely going to be tough for anybody to build speculative space.”

Grubb & Ellis The Furman Co. released its third quarter Upstate office market analysis Monday. It found vacancy rates to be down for the sixth consecutive quarter.

“Class A vacancy is pretty low compared to just about any market,” Reed said.

There are three big chunks of space set to be re-leased, however. The 75,000-square-foot Bowater building, 71,000 square feet in Poinsett Plaza occupied by The South Financial Group, and 75,000 square feet occupied by Lockheed Martin Corp. in Mauldin will all be in need of new tenants in the coming months.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.scbizmag.com/content/view/90294/1/
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