Greenville Office Vacancy Up to 17.2%


The total vacancy rate in Greenville’s office market space finished 2014 at 17.24%, up from 16.60% at the end of the third quarter but below the 18.79% recorded at the end of 2013, a Colliers International report shows. Average rental rates finished the year at $17.96 per square foot, up from $17.12 a year ago. Main Street GreenvilleAbout 125,000 square feet were absorbed during 2014, mostly in suburban markets.

The report says the market is likely to experience higher occupancy rates this year, with higher rental rates, especially in the central business district.

The report shows office-using employment in the Greenville-Mauldin-Easley metropolitan statistical area has surpassed pre-recession levels and continues to grow. As of October, 85,400 jobs belonged to the office-using sector, a gain of 9,000 new jobs from the pre-recession peak.


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