Greenville Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.34 2023 Avg. Asking Rent
  • -0.55% Y-o-Y Avg. Asking Rent Change
  • 23.09% 2023 Office Vacancy Rate
  • $42.9M2023 Total Office Sales
  • $82.33Avg. Sale Price/SF

Greenville office price per square foot in 2023 was $24.34 on average. This marked a -0.55% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.09% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $42.9M. Greenville office space commanded an average sale price per square foot of $82.33.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Greenville Class A & A+ Office Space$27.31
  • Greenville Class B Office Space$22.97
  • Greenville Class C Office Space$16.06
  • South Carolina Class A & A+ Office Space$29.25
  • South Carolina Class B Office Space$23.44
  • South Carolina Class C Office Space$25.64

Greenville, SC Office Asking Rents by Class

Average office rent in Greenville rested at $24.34 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Greenville averaged $27.31 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.97 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.06 per square foot, on average. Comparably, statewide South Carolina average office rents by class in 2023 were: $29.25 per square foot for class A office space; $23.44 per square foot for class B office space; $25.64 per square foot for class C office space.

2023 Office Vacancy Rates in Greenville

Submarket Asking Rents Vacancy Rates
Greenville - West $31.46 18.68%
Greenville - Central Business District $26.54 28.33%
Greenville - I-385 South $24.42 33.95%
Greenville - Haywood $24.00 8.53%
Greenville - I-385 North $23.77 18.75%
Greenville - Airport $19.83 28.21%
Greenville - East Park Avenue $19.00 13.31%
Greer $18.48 3.32%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Greenville market was 23.09% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Greenville was 3.32% in the Greer submarket, while the highest office vacancy in the market was 33.95%, recorded in Greenville - I-385 South.

Office Spaces for Rent in South Carolina

Greenville Office Sale Price per SF

  • $82.332023 Avg. Price per SF
  • -45.67%Y-o-Y Avg. PpSF Change
  • $42.9M2023 Office Sales Volume
  • 52023 Number of Transactions

Greenville, SC Sale Price per SF Trend

  • Greenville Avg. Sale Price per SF in 2023$82.33
  • South Carolina Avg. Sale Price per SF in 2023$106.87
Greenville office space cost in 2023 marked a -45.67% change compared to the previous year. The sale price for office space in Greenville averaged $82.33 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide South Carolina average office sale price during the same time period was $106.87 per square foot.

2023 Office Sales Volume

  • Greenville, SC Total Office Sales Volume in 2023 $42.9M
  • Greenville, SC Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Greenville office market in 2023, adding up to a yearly sales volume of $42.9M. Notably, the largest transaction on the market saw Green Gate Office Park change hands for $11,500,000 on 8/31/2023.
Data provided by Commercial Edge

Coworking Spaces in South Carolina

2023 Office Construction in Greenville, SC

  • Greenville, SC Total SF under construction in 2024 320,500
Largest Office Properties Recently Completed in Greenville
Office building Address SF Completed
401 Roper Creek Drive Suite A 401 Roper Creek Drive Suite A, 29615 7,200 2021
110 East Court Street 110 East Court Street, 29601 125,000 2017
11 Brendan Way 11 Brendan Way, 29615 39,504 2001
Office Park Patewood - VI 10 Patewood Drive, 29615 107,274 2000
St. Francis Medical Plaza 131 Commonwealth Drive, 29615 62,724 2000
514-516 E North St 514-516 E North St, 29601 3,000 1998
Poe West 556 Perry Avenue, 29611 66,597 1997
130 South Main Street 130 South Main Street, 29601 32,500 1995
±17,457 SF Class A Office Building with State-of-the-art Technology | Greenville, SC 856 S Pleasantburg Dr, 29607 17,457 1995
O'Neal Headquarters 10 Falcon Crest Drive, 29607 81,400 1994

Worth noting among recent office completions on the Greenville market is 401 Roper Creek Drive Suite A, which is currently the largest new office development in the city, at 7,200 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Greenville commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.