Greenville Spartanburg Office Figures Q1 2026

The market tightened meaningfully through Q1 2026 leasing velocity outpaced new supply.
Vacancy fell from 12.0% in Q1 2025 to 9.6% in Q1 2026, 2.4% decline, while availability
decreased by 2.6% to 15.3% over the same period. Net absorption in Q1 2026 reached 107,000
sq. ft., an increase of 87,000 sq. ft. quarter-over-quarter and 35.4% higher than last year.

Tighter space conditions translated into sustained rent growth. Average asking rents in Q1 2026 rose 3.2% over the prior quarter and 5.7% year‑over‑year to $27.44 per sq. ft., extending a steady climb from $23.54 per sq. ft. in Q1 2023. With no space under construction for several consecutive quarters - only 26,000 sq. ft. delivered since 2023 - absorption has meaningfully reduced existing vacancies rather than pull from any new inventory. Overall vacancy compressed by 7.1% from its Q1 2023 level of 16.7%, underscoring the depth of the supply recovery over the last three years.