Greenville Commercial Office Space for Rent

Q4 2025

Greenville Commercial Real Estate Market Report

Focus: Q4 2025 Market Trends

Executive Summary

The Greenville commercial real estate (CRE) market is demonstrating resilience and steady growth in late 2025, driven by a diversified economy and population influx. The Office sector is seeing positive absorption, particularly in the CBD, though vacancy rates remain elevated as the market adjusts to hybrid work [2, 3]. Industrial fundamentals are robust, with vacancy stabilizing near 6.5% and strong leasing activity from manufacturing and logistics users [4, 5]. Retail is thriving, with vacancy rates at historic lows and rent growth accelerating [6, 7]. Multifamily is stabilizing as the market absorbs new supply, with occupancy remaining healthy [9].

TenantBase Proprietary Data [11] highlights the distribution of active tenant demand over the last 90 days (105 total deals):

  • Retail/Storefront led market activity with 67.62% of all searches [11].
  • Warehouse was the second most active sector at 28.57% [11].
  • Office accounted for 4.76% of total search volume [11].

Office Market

Market Overview Greenville's office market is showing signs of recovery, with positive net absorption and steady leasing activity, particularly in the Central Business District (CBD).

  • Vacancy & Availability: The overall vacancy rate stands at 16.9%, with Class A properties in the CBD seeing tighter conditions [2]. Availability remains elevated, but the pace of new sublease additions has slowed [3].
  • Net Absorption: The market recorded positive net absorption of 35,744 SF in Q3 2025, driven by professional services and technology tenants [2].
  • Rental Rates: Asking rents have remained stable, averaging $23.50 per SF full-service, with Class A rates in the CBD commanding a premium [2].
  • Market Drivers: TenantBase data indicates limited office demand in recent months, accounting for only 4.76% of total searches, with a preference for smaller spaces under 1,000 SF [11].

TenantBase Activity [11]

  • Demand Share: Office accounted for 4.76% of total search volume [11].
  • Lease Term Preference: Demand is split between short-term flexibility and mid-term commitments:
    • 3-5 Years: 50.00% of deals [11].
    • Less than one year: 25.00% of deals [11].
    • 5+ Years: 25.00% of deals [11].
  • Size Requirements: The average lower size requirement for office space is 1,000 SF for short-term leases, reflecting a market driven by small businesses [11].

Industrial & Warehouse Market

Market Overview The Greenville industrial market remains a strong performer, supported by its strategic location along the I-85 corridor and robust manufacturing base.

  • Vacancy & Rent: Vacancy stabilized at 6.5% in Q3 2025, with net absorption turning positive [4]. Asking rents have risen to $5.95 per SF (NNN), reflecting steady demand [5].
  • Demand & Supply: Leasing activity is healthy, with 3PLs and automotive suppliers driving demand [4]. The construction pipeline is active but moderating, which should help keep vacancy in check moving forward [5].
  • Leasing Highlights: TenantBase data shows a preference for shorter lease terms, with 45.45% of warehouse inquiries for 2-3 Year terms [11].

TenantBase Activity [11]

  • Demand Share: Warehouse accounted for 28.57% of total search volume [11].
  • Lease Term Preference: Demand is spread across lease terms:
    • 2-3 Years: 45.45% of deals [11].
    • Less than one year: 18.18% of deals [11].
    • 1-2 Years: 18.18% of deals [11].
  • Size Requirements: The average lower size requirement for warehouse space is 2,500 SF for 2-3 year terms, indicating demand for small-to-mid-sized distribution space [11].

Retail Market

Market Overview Greenville's retail sector is booming, with strong population growth and limited new supply driving vacancy to historic lows.

  • Vacancy & Availability: Retail vacancy is extremely tight at 2.8%, the lowest level in over a decade [6]. Availability is scarce in prime centers, driving competition among tenants [7].
  • Rental Rates: Rent growth is robust, rising 4.1% year-over-year to an average of $18.50 per SF (NNN) [6].
  • Construction: New retail development is limited, focused primarily on grocery-anchored centers and mixed-use projects [7].

TenantBase Activity [11]

  • Demand Share: Retail/Storefront activity dominated with 67.62% of all search volume [11].
  • Lease Term Preference: Retail tenants show a clear preference for stability:
    • 1-2 Years: 31.03% of deals [11].
    • 3-5 Years: 31.03% of deals [11].
    • Less than one year: 13.79% of deals [11].
  • Top Locations: Tenant interest is highest in Greenville (City) (19 deals), Mauldin (4 deals), and Anderson (4 deals) [11].

Multifamily Market

Market Overview The multifamily market is stabilizing as it absorbs a significant wave of new supply, with occupancy rates holding firm and rent growth poised to return.

  • Vacancy & Occupancy: Vacancy is estimated at 8.5%, slightly elevated due to recent completions but trending downward [9].
  • Rents: Rents have flattened or dipped slightly by 0.5% year-over-year, averaging $1,350 per unit, as landlords use concessions to lease up new properties [9].
  • Construction: The construction pipeline is thinning, with starts down significantly from their peak, which will support tighter conditions in 2026 [10].
  • Investment: Investor interest remains strong, with sales volume picking up as pricing expectations adjust [9].

2026 Outlook

Looking ahead to 2026, the Greenville market is positioned for continued growth and stability.

  • Industrial Strength: The industrial sector will continue to benefit from regional manufacturing growth and logistics demand, with rents expected to rise further [5].
  • Retail Resilience: Limited new supply and strong consumer spending will keep retail vacancy low and rents rising [6].
  • Multifamily Recovery: As new supply tapers off, multifamily vacancy is projected to compress, supporting stronger rent growth in 2026 [9].

Sources

  1. Cushman & Wakefield: Greenville Office MarketBeat Q3 2025
  2. Colliers: Greenville Office Market Report Q3 2025
  3. Avison Young: Greenville Office Market Report Q3 2025
  4. Colliers: Greenville Industrial Market Report Q3 2025
  5. Cushman & Wakefield: Greenville Industrial MarketBeat Q3 2025
  6. Cushman & Wakefield: Greenville Retail MarketBeat Q3 2025
  7. Colliers: Greenville Retail Market Report Q3 2025
  8. Greenville Chamber: 2025 Economic Outlook
  9. Berkadia: Greenville Multifamily Report Q3 2025
  10. Yardi Matrix: Greenville Multifamily Market Report – September 2025
  11. TenantBase Proprietary Market Data (Greenville - Last 90 Days)

Information in this report is aggregated from various third-party sources and synthesized using artificial intelligence and other research tools. While we believe these sources to be reliable, we cannot guarantee the absolute accuracy or completeness of the data. This report is intended for informational purposes to provide market insight and should be independently verified prior to any use in a real estate transaction or legal commitment.