The Upstate, South Carolina
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- Linette Owens
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1 The Upstate, South Carolina Tenant Favorability Remains Both Greenville s and Spartanburg s Central Business Districts (CBD) had positive absorption over the first quarter of The Upstate saw an increase in rent, however Spartanburg s CBD did experience a decrease in price. The office market continues to be tenantfavored as large blocks of space remain vacant, forcing landlords to compete over current tenants, as well as those new to market. Investors still find value in Greenville s market, especially with high occupancy. The Ogletree Building, located at N Main St and Beattie St in downtown Greenville, sold for $11,420,000. Dominion Realty Partners, LLC, located in Raleigh, NC, purchased the 95% occupied, 61,047 square foot (sf ), multitenant asset. The Jacobs Building, a 210,126 sf office building located at 1041 E Butler Road and fully occupied, sold for $24,300,000. It was purchased by Missouribased group, ElmTree Funds. Representing one of thirty leases over the quarter, Jacobs Engineering renewed their lease at sale. Other significant leases include Gannett, Devita & Associates Inc, and OBHG Management Services. Gannett signed a ten year lease and will occupy 20,732 sf of the Camperdown Development s first constructed building. OBHG Management Services executed a lease at Harbinger One, located on N Pleasantburg Dr, and will occupy 46,011 sf. Devita & Associates Inc signed a 8,839 sf lease at the Piedmont Center, located off of Pelham Road. The Landmark Building, a 350,000 sf office building located at 301 N Main St, and the Camperdown Development, mixed use project that will deliver 150,000 sf of office space in fourtht quarter of 2019, are two buildings that will impact the CBD s office market. The Landmark building will be undoubtedly go under a major renovation when the property closes increasing the quality of supply downtown. The Camperdown Development is rumored to be at full occupancy with tenants that currently occupy the CBD. It will be interesting to see how these two buildings impact the office landscape.
2 Upstate Market Facts sf 12. $20.96 psf Submarket Indicators Anderson County 3.7% 3.2% 3.8% 3.9% 3.9% 5.9% 2.9% 5.3% 4.6% 4.8% $10.68 $11.57 $10.57 $10.55 $9.13 Cherokee County 15,427,814 15,427, % % 13.6% 12.5% % $21.68 $21.10 $20.61 $20.31 $20.37 Laurens County 91,236 Pickens County Spartanburg County 4.9% 5.1% 5.4% 5.6% 6.2% 6.3% 6.8% 6.3% 11.2% $15.53 $15.35 $15.23 $15.65 $15.63
3 Upstate Market Overview All Submarkets 19,957,086 19,957, % 8.7% 8.9% % 10.9% % $20.96 $20.29 $19.66 $19.49 $ ,393 (112,905) 110,227 39, ,208 Submarket Map MicroMarket Overview Greenville CBD 10.3% 10.5% 10.1% % 13.2% 13.9% % $26.06 $25.44 $24.76 $24.82 $ ,748 (17,865) (3,006) (87) 86,525 Spartanburg CBD % % 9.7% 10.1% 8.6% 10.3% $14.44 $15.15 $15.91 $16.90 $ ,851 (20,668) 26,647 13,363 1,221
4 s s 13% 12% 11% 1 9% 8% $22 $20 $18 $16 $14 $ , , , ,000 50, , ,000 5,393 1Q17 7% YE13 YE14 YE15 YE16 YE17 YTD18 $12 YE13 YE14 YE15 YE16 YE17 YTD18 150,000 Notable Lease Transactions Tenant Type Address Market SF Jacobs Engineering Group Renewal 1041 E Butler Road 162,626 OBHG Management 535 N Pleasantburg Drive 46,011 Gannett 32 E Broad Street 20,732 Four Plus Bonaventure, LLC 124 Verdae Boulevard 4,359 CCA Medical Software Solutions 3527 Pelham Road 3,800 Notable Sales Transactions Buyer Address Market SF Sale Price ET III Greenville JEC, LLC 1014 E Butler Road 210,126 $24,300,000 Dominion Realty Partners 300 N Main Street 61,047 $11,420,000 Mount Vernon Mills, Inc. 503 S Main Street 19,360 $2,420,000 KR Investments, LLC 3 Caledon Court 15,300 $1,725,000 Greenville Real Estate Group, LLC 155 Deacon Tiller Court Spartanburg County 15,634 $1,100,000 Trends to Watch Tenant Favored Market Little Movement Competitive Properties
5 Office Terms and Definitions The dollar amount asked by landlords for available space expressed in dollars per square foot per year in most parts of the country. Office rents are reported as base rent (NNN). The asking rent for each building in the market is weighted by the amount of available space in the building. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average asking rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Asking rental rate averages only includes Direct Space that is being offered for lease directly from the landlord or owner of a building and does not include Sublet Space that is being offered by another tenant trying to sublet a space that has already been leased. Greenville Contact Information Christopher B. Fraser, CCIM Principal, Managing Director chris.fraser@ Rhett Craig, MBA Associate rhett.craig@ Chris Prince, MBA Associate chris.prince@ The net change in physically occupied space over a period of time. Office Building Classifications Avison Young adheres to the BOMA guidelines. Class A properties are the most prestigious buildings competing for premier office users with rents above average for the area. Class B properties compete for a wide range of users with rents in the average range for the area. Class C buildings compete for tenants requiring functional space at rents below the area average. Submarkets Submarkets are nonoverlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within. The Upstate Although loosely defined among locals, The Upstate is the region in the westernmost part of South Carolina, which is inclusive of Anderson, Cherokee, Greenville, Laurens, Pickens and Spartanburg counties. The city of Greenville is the largest city in region with the highest population, and is the base of most commercial activity. The cities of Spartanburg and Anderson are next in size. Total Square Footage Office inventory includes all multitenant and single tenant buildings containing at least 20,000 square feet. Vacancy and Availability The vacancy rate is the amount of physically vacant space divided by the inventory and includes direct and sublease vacant. The availability rate is the amount of space available for lease divided by the inventory. Researcher Comments Market research data and transaction information provided by CoStar. For more information on this report, please contact: Charlene Aydelotte Massey Business Operations Manager, Researcher charlene.massey@ Meghan McDuff Marketing Coordinator meghan.mcduff@ 511 Rhett Street Suite TwoB Greenville, South Carolina United States 2018 Avison Young South Carolina, Inc. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.
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