Greenville Commercial Office Space for Rent

Q3 2026

Q3 2026 Greenville Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Greenville-Spartanburg office vacancy fell to 9.6% in Q3 2026, with Class A vacancy down 2.2 points year over year and the market's first multi-tenant office development in years under construction. Industrial vacancy dropped to 5.0% as 3.32 million SF of new space moves through construction. On TenantBase, Q3 tenant searches were led by retail/storefront at 66.7%, with office rising to 33.3% from 13.0% in Q2.

Sector Snapshot

  • Office: Tightening. Vacancy was 9.6%, with asking rents at $29.71/SF.
  • Industrial: Strong. Vacancy fell 100 basis points year over year to 5.0%.
  • Retail: Growing. About 200,000 SF of retail is leased at the $1 billion County Square redevelopment.
  • Multifamily: Steady. Average rent was $1,593, up 1.2% year over year.

Greenville Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across Greenville, Spartanburg, and the Upstate are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Retail/Storefront: 66.7%
  • Office: 33.3%
  • Warehouse/Industrial: 0.0%

Three-Quarter Trend

  • Retail/Storefront: 60.4% in Q1, 71.7% in Q2, 66.7% in Q3
  • Office: 11.1% in Q1, 13.0% in Q2, 33.3% in Q3
  • Warehouse/Industrial: 28.5% in Q1, 16.7% in Q2, 0.0% in Q3

Key Takeaways

  • Office demand rose for the third straight quarter, from 11.1% in Q1 to 33.3% in Q3.
  • Short-term retail demand surged. 62.5% of Q3 retail searches sought terms under one year, up from 12.2% in Q2.
  • Office tenants want flexibility. Most Q3 office searches sought terms under one year.
  • Greenville and Spartanburg both draw interest. The North End, Spartanburg, City Center, the West End, and the Airport area were the most requested areas, followed by Anderson.

Office Market

Key Metrics (Q3 2026)

  • Vacancy: 9.6%, down from 9.9% in Q2 and well below the 17.0% peak in Q2 2023 (CBRE)
  • Class A vacancy: 9.0%, down from 11.2% a year earlier (CBRE)
  • Average asking rent: $29.71/SF (CBRE)
  • Under construction: about 100,000 SF, the market's first multi-tenant office development in years (CBRE)
  • Submarkets (Q2): Spartanburg CBD at 1.8%, Southeast Greenville at 11.4%, and Greenville CBD at 13.6% (Cushman & Wakefield)
  • Notable leases (Q2): Fluor renewed 38,573 SF, and Waterford Business Solutions leased 16,324 SF at One Liberty Square (Cushman & Wakefield)

TenantBase Office Activity

Demand share: 33.3% of Greenville tenant searches, up from 13.0% in Q2 and 11.1% in Q1.

Lease terms and size: Most Q3 office searches sought terms under one year. Searches for 2 to 3 year terms averaged 1,000 to 2,500 SF.

TenantBase data vs. the market: Tenants searching Spartanburg face very tight conditions, with the Spartanburg CBD at 1.8% vacancy. Greenville's CBD, at 13.6%, offers more options for small and flexible users.

Industrial & Warehouse Market

Key Metrics (Q3 2026)

  • Vacancy: 5.0%, down 100 basis points year over year (CBRE)
  • Net absorption: about 685,000 SF (CBRE)
  • Average asking rent: $6.17/SF (CBRE)
  • Under construction: 3.32 million SF, up from 2.09 million SF in Q2 (CBRE)
  • Notable lease (Q2): BMW, 918,000 SF in Spartanburg (CBRE)
  • Announcements: Adeptus USA ($215.6 million, 217 jobs, Anderson County) and Fortified Solar ($22.75 million, 151+ jobs, Greenville County) (Upstate SC Alliance)

TenantBase Industrial Activity

Demand share: No industrial searches were recorded on TenantBase in Greenville in Q3, down from 16.7% in Q2 and 28.5% in Q1.

TenantBase data vs. the market: With vacancy at 5.0% and manufacturers expanding, industrial tenants returning to the market should plan well ahead.

Retail Market

Recent Activity (2026)

  • County Square: the $1 billion-plus, 40-acre redevelopment has about 200,000 SF of retail leased, with phase 1 including 10 buildings and 345 apartments (Hoodline)

TenantBase Retail Activity

Demand share: 66.7% of Greenville tenant searches, the largest category for the third straight quarter.

Lease terms: 62.5% of Q3 retail searches sought terms under one year, averaging 1,000 to 2,500 SF. Searches for 5+ year terms averaged 2,500 to 5,000 SF.

TenantBase data vs. the market: Short-term and pop-up retail users should watch new space coming to County Square and Downtown Greenville.

Multifamily Market

Greenville average apartment rent was $1,593 as of September 2026, up 1.2% year over year, according to RentCafe.

Q4 2026 Outlook

  • Office: Expect continued tightening as Class A demand grows.
  • Industrial: Expect vacancy near 5% as manufacturing expansions continue.
  • Retail: Expect new options as County Square progresses.

Frequently Asked Questions

What type of commercial space are Greenville tenants searching for in 2026?

In Q3 2026, retail/storefront space made up 66.7% of Greenville tenant searches on TenantBase and office made up 33.3%. Office share rose from 13.0% in Q2.

What is the office vacancy rate in Greenville-Spartanburg?

Greenville-Spartanburg office vacancy was 9.6% in Q3 2026, according to CBRE.

What is the industrial vacancy rate in Greenville-Spartanburg?

Greenville-Spartanburg industrial vacancy was 5.0% in Q3 2026, according to CBRE.

How can I find commercial space in Greenville at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across the Upstate at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Greenville, July 1 to September 30, 2026
  2. TenantBase, Greenville Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Greenville Commercial Real Estate Market Report, Q1 2026
  4. CBRE, Greenville-Spartanburg Office Figures, Q3 2026
  5. Cushman & Wakefield, Greenville Office MarketBeat, Q2 2026
  6. CBRE, Greenville-Spartanburg Industrial Figures, Q3 2026
  7. CBRE, Greenville-Spartanburg Industrial Figures, Q2 2026
  8. Upstate SC Alliance, Economic Development Announcements, 2026
  9. Hoodline, County Square Redevelopment, August 2026
  10. RentCafe, Greenville Average Rent, September 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.