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Report: Greenville office market lags behind Charleston, Columbia

The Greenville office market saw higher vacancy rates and negative absorption for the first quarter, while Charleston’s and Columbia’s markets saw the opposite, according to a Colliers International report.

Greenville’s 18.9% market vacancy rate was higher than Columbia’s 17.5% and Charleston’s 11.1% for the first quarter. However, Greenville’s vacancy rate improved for the first quarter of 2014 compared with the same period in 2013, which topped out at 24.4%.

Charleston had the highest class A space rental rate at $27.52 per square foot and also had the highest central business district rental rates at $29.29. Comparatively, Greenville’s rates were $19.86 and $19.90 respectively.

The Greenville market currently includes 8.2 million square feet of office space, while Columbia’s inventory is 9.6 million square feet, and Charleston’s is 12 million square feet, the report said.

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