Greenville-Spartanburg Office Figures Q3 2026

Greenville office continued to tighten in Q3 2026, with occupancy gains and steady leasing
activity. Overall vacancy declined from 9.9% in Q2 to 9.6%, while availability decreased from 16.1%
to 15.0%. Net absorption remained positive at approximately 34,000 sq. ft., bringing-t yoe-daarte
increases to 138,000 sq. ft. Leasing activity totaled approximately 220,000 sq. ft., modestly above
the prior quarter. Average asking rents increased to $29.71 per sq. ft. from $29.02 per sq. ft. in Q2.
Meanwhile, approximately 100,000 sq. ft. remained under construction, representing the market’s
first active multi -tenant office development in several years.

Current conditions reflect a continued recovery from the higher vacancy environment
experienced between 2022 and 2023. Overall vacancy peaked at 17.0% in Q2 2023 before
declining to 9.6% in Q3 2026 as positive absorption gradually reduced available inventory. Asking
rents have also increased over this period, rising from $21.33 per sq. ft. in Q4 2020 to $29.71 per
sq. ft. this quarter. With vacancy continuing to decline, leasing remaining active and new
construction limited, Q3 results showed that the market’s gradual improvement in occupancy has
extended through the first three quarters of 2026.