Sep
07

Build-to-Suit Activity Strong in the Upstate

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The build-to-suit activity is expected to increase for the rest of 2011 for the Greenville, Spartanburg, Anderson market, according to a quarterly commercial real estate report by Colliers International.

Developers showed interest in acquiring sites for build-to-suit activity and construction reappeared for the first time since the start of the recession, during the second quarter of 2011. Tenant activity in the Greenville office market slowed during the second quarter, resulting in a net decline in occupancy by 19,968 square feet, which resulted in an 18.4% vacancy rate at mid-year 2011.

Several existing firms, mainly in the engineering sector, caused the negative absorption. Several economic development announcements could bring momentum in the coming months, such as Project One, a mixed-used of office and retail tenants at Washington and Main streets in downtown Greenville.

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    Categories : Greenville

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