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.