Q4 Report: Subletting, office purchases on the rise.
While Upstate employers are still hesitant to make long-term commitments to an office space during the COVID-19 pandemic, Cushman and Wakefield Thalhimer's office market report for the last quarter shows that office rents are still on the rise by6.8%.
Vacancy rates have increased to 11.2% and absorption is in the red at less than negative-127,000 square feet, a noted drop from 2019's 400,000-square-feet of positive absorbtion. But the fourth quarter of 2020 was relative healthy for the Greenville-Spartanburg metro area's economy as it has recovered more than 90% of initial COVID-19 job losses, according to the report.
The last quarter added 10,000 more jobs to the Upstate's employment numbers, bolstered by Techtronic Industry's promise to create 525 jobs in Anderson with its $100 million investment and Armada Analytics' Greenville expansion slated to develop 33 positions.
Low interest rates, among other factors, incentivized the 4Q office market to be a seller's playground. Demand for office space for sale outpaces the supply in the Upstate, though more square feet were delivered to the market in 2020 than in years past.
Sublease opportunities are on the rise as employers search for short-term office space commitments, adding to a total of 232,216 available square feet in the...
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