The Upstate Market is defined by: Greenville, Anderson, Spartanburg, Cherokee and Pickens counties.
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1 NAI Earle MEMBER Furman, NAME LLC Office Report First Second Quarter Quarter
2 Upstate Market TRENDS: Vacancy Rate Net Absorption STATISTICS: Number of Buildings...2,883 Market Size (SF)... 30,129,332 Overall Vacancy Space (SF)...3,162,229 Overall Vacancy (%) % Direct Vacancy (SF)...3,048,932 Sublease Vacancy (SF)...114,367 Net Absorption... (3,096) Average Asking Rental Rate ($/SF/YR)...$ % 11.5% 11.0% 10.5% 10.0% Overall Vacancy (%) Construction OVERVIEW: Vacancy rates remained relatively constant with a slight increase this quarter. The average asking rental rates in the Upstate for all classes fell this quarter to $ The average rental rate in Class A space was $18.42, while Class B was $13.33 and Class C was $ $14.00 $13.50 $13.00 $12.50 $12.00 Average Asking Rental Rate Asking Rents The Greater Greenville Chamber of Commerce, City of Greenville and the Downtown Owners Group announced this quarter they have hired Kym Petrie as the Executive Director of Office Recruitment. This position is part of a three year initiative by the three groups to focus on office tenant recruitment in the CBD area. Petrie will be developing marketing materials, seeking out qualified leads and overall working towards increasing the demand for Class A downtown office space. She comes to Greenville from Canada where her previous experience includes: President of Driven Consultants, CEO of the Downtown Association and manager of the 2000 Ontario Winter Games. Class C 24% Market Inventory Class A 21% Class B 55% Major Lease Transactions Building: Size (SF): Submarket: Brookfield Plaza 27,370 Greenville Suburban Bonaventure II 19,146 Greenville Suburban Landmark 19,047 Greenville CBD Bonaventure II 16,145 Greenville Suburban Brookfield Plaza 15,081 Greenville Suburban Landmark 11,835 Greenville CBD The Upstate Market is defined by: Greenville, Anderson, Spartanburg, Cherokee and Pickens counties. NAI Earle Furman, LLC 101 East Washington Street, Suite 400 Greenville 29601
3 NAI Earle Furman, LLC Office Report Second Quarter 2008 SUBMARKET/ # BLDGS. TOTAL RBA TOTAL AVAIL. TOTAL VACANT TOTAL NET TOTAL AVERAGE UNDER CLASS (SF) (SF) AVAIL (%) Absorption (SF) RATE ($/SF/YR) CONSTRUCTION (SF) Greenville CBD 405 5,635, , % (20,697) $ Class A 15 1,843, , % (17,077) $ Class B 130 2,757, , % (9,583) $ Class C 262 1,026,635 85, % 5,963 $ % Overall Vacancy (%) - Greenville CBD $17.00 Average Asking Rental Rate - Greenville CBD 11.5% $ % $ % $ % $15.00 Greenville Suburban 1,429 15,169,999 1,777, % 21,485 $ ,683 Class A 36 2,816,540 99, % 8,602 $ ,000 Class B 660 8,498,824 1,272, % 20,476 $ ,683 Class C 773 3,854, , % (7,593) $ % 13.5% 13.0% 12.5% 12.0% 11.5% 11.0% Overall Vacancy (%) - Greenville Suburban $14.00 $13.50 $13.00 $12.50 $12.00 Average Asking Rental Rate - Greenville Suburban Spartanburg 693 6,202, , % 18,241 $ ,000 Class A 14 1,321,202 69, % (12,072) $ ,000 Class B 417 3,691, , % 6,741 $ Class C 261 1,186, , % 23,572 $ Overall Vacancy (%) - Spartanburg Average Asking Rental Rate - Spartanburg 11.0% 10.5% 10.0% 9.5% 9.0% 8.5% 8.0% $14.00 $13.50 $13.00 $12.50 $12.00 Some of the data in this report has been gathered from third party sources including CoStar Group, Inc. and has not been independently verified by NAI Earle Furman, LLC. NAI Earle Furman, LLC makes no warranties or representations as to the completeness or accuracy thereof. All rents are per SF/per YR unless otherwise noted. Construction is defined as total RBA under construction.
4 NAI Earle Furman, LLC Methodology / Definitions / Submarket Map Absorption (Net) The change in occupied space in a given time period. Available Square Footage Net rentable area considered available for lease; excludes sublease space. Spartanburg Average Asking Rental Rate Rental rate as quoted from each building s owner/ management company, For office space, a full service rate was requested; for retail, a triple net rate requested; for industrial, a triple net basis. Building Class Class A Product is office Space of steel and concrete construction, built after 1980, quality tenants, excellent amenities & premium rates. Class B product is office space built after 1980, fair to good finishes & wide range of tenants. Direct Vacancy Space currently available for lease directly with the landlord or building owner. Market Size Includes all existing and under construction office buildings (office, office condo, office loft, office medical, all classes and all sizes, both multi-tenant and singletenant, including owner-occupied buildings) within each market. Overall Vacancy All unoccupied lease space, either direct or sublease. SF/PSF Square foot/per square foot, used as a unit of measurement. Greenville Downtown Greenville (CBD) Sublease Arrangement in which a tenant leases rental property to another, and the tenant becomes the landlord to the subtenant. Sublease Space Total square footage being marketed for lease by the tenant. Sublease space is not considered in the overall occupancy or absorption numbers - only direct leases are included. Sublease Vacancy Space currently available in the market for sublease with an existing tenant within a building acting as the landlord.
5 Upstate in the News Opening Set for Greer Hospital Greenville News, The (SC) - May 18, 2008 By Lark Reynolds STAFF WRITER John Mansure, president of Greer Memorial Hospital, wants to make sure the community marks Aug. 24 in their calendars. That's the day the Greenville Hospital System has set as the official date for the transition of operations from Allen Bennett Memorial Hospital to the new hospital on South Buncombe Road. "Since there's both ER and OB involved here, I want to make sure people don't show up at the wrong facility to receive the care they need," Mansure said. He said the certificate of occupancy on the hospital is expected to be approved around the end of this month. The hospital staff will spend the summer months moving furniture and equipment, becoming oriented to the new facility, and performing other tasks related to the transition. "It's going to be a completely different layout, and things in different places," Mansure said. "We've got to make sure that the employees, when they're taking care of patients, that it's second nature to them over there, where things are and what they're doing." The staff will even take part in a "practice move" in which a volunteer will play the role of a hospital patient. A community open house at the new hospital is set for Aug. 8. The $55 million, 82-bed hospital will be part of a campus that includes two medical office buildings, other standalone offices, and the Cottages at Brushy Creek, a senior care center that is already up and running.
6 Upstate in the News Survey Names Greenville Among Top Places to Live Greenville News, The (SC) - May 21, 2008 By Angelia Davis BUSINESS WRITER You re living in one of the best places in the United States, according to a new national survey. Comments about the people, entertainment, community and climate in Greenville helped it earn the number four spot on Relocate-America.com s list of America s Top 100 Places to Live. Relocate-America is an online service that provides relocating homebuyers with community information and real estate resources. It is owned and operated by HomeRoute, a Michigan-based real estate broker. Steve Nickerson, president and chief executive officer for HomeRoute, said the list is created from user-generated comments the Web site receives throughout the year. The nominations are typically from people who live or have lived in the community they nominate. What the company looks for in those nominations, he said, is the story that the data doesn t tell about a community. And once all those nominations are in, they are compared against data points such as housing, the economy there, the environment, education and crime. Once we ve done that, we then bring all the cities together and we identify our top 100, Nickerson said. Aiken, Charleston, Columbia and Rock Hill were the other South Carolina areas that made the Top 100 for They ranked 46, 47, 48, and 49, respectively. Asheville made number seven on the list. More than 2,000 cities were considered, Nickerson said. Greenville attained its designation among the top five cities because there was a real strong passion from people that went to our Web site and talked about Greenville, he said. We liked what we read, and then the data supported it. Users talked about the friendly people who live in Greenville, the nearby mountains, affordable housing and the quality of life, as well as the entertainment offerings and the community, Nickerson said. One thing that came up often was the weather here. The climate really stood out, which is very popular with our service, he said. We find that an area that has opportunity and good climate tends to really stand out, and that really resonated with Greenville. Falls Park was one feature that led Diane Ludwig to relocate to Greenville from Charleston. To me, it s kind of a mini Central Park thing that s so rare. It s just a gem, said Ludwig, who recently opened The Barkery Bistro in downtown Greenville with her daughter, Meghan Ludwig. She also said the warmth and friendliness of the people, the area s vibrancy, energy and enthusiasm were huge. She also liked the quality of life brought on by the arts and schools here, as well as the vision that Greenville has to be better than it is. It s definitely up and coming, she said. We just wanted to be part of the flow. page 1 of 2
7 Upstate in the News Survey Names Greenville Among Top Places to Live Gary Cohen, general manager of Century 21 Bob Capes Realtors, said other features such as Greenville s proximity to places such as Atlanta, Asheville and Charlotte, make it attractive to many people. He also said the city s cultural aspect, vibrant downtown, institutions of higher learning and strong job market are also a strong draw to people. And, from a family point of view, the communities do a great job developing recreational opportunities for children, whether it be baseball, soccer or football, he said. Relocate-America has compiled its list of America s Top 100 Places to Live for 11 years. Greenville lands in the top 10 places to relocate THE TOP 10 1 Charlotte, NC 2 San Antonio, TX 3 Chattanooga, TN 4 Greenville, SC 5 Tulsa, OK 6 Stevens Point, WI 7 Asheville, NC 8 Albuquerque, NM 9 Huntsville, AL 10 Seattle, WA REASONS 1 Greenville s revitalized downtown district. 2 New residential construction and renovations to the city s older neighborhoods. 3 Headquarters for a number of companies, including Michelin North America. 4 Home of the largest school district in the state and Christ Church Episcopal, one of only a handful of independent schools in North America to offer an International Baccalaureate Program curriculum in grades K-12, Roper Mountain Science Center, South Carolina Governor s School for the Arts & Humanitites and several colleges, universities, and technical schools. SOURCE: Relocate America Copyright (c) The Greenville News. All rights reserved. Reproduced with the permission of Gannett Co., Inc. by NewsBank, inc. page 2 of 2
8 Contact Us For more information on the Upstate Office market please contact one of our specialists: Glenn Batson William Burgess, CCIM, SIOR - principal bb@naiearlefurman.com J. Peter Couchell, CCIM - prinicipal couchell@naiearlefurman.com David Feild dfeild@naiearlefurman.com J. Earle Furman, Jr., SIOR - principal and broker-in-charge efurman@naiearlefurman.com Keith Jones keith@naiearlefurman.com W. Scott Jones, SIOR sjones@naiearlefurman.com Greg Koch greg@naiearlefurman.com Stuart Wyeth swyeth@naiearlefurman.com
Net absorption was negative 67,299 square feet this quarter, marking a second consecutive quarter of negative net absorption.
NAI Earle MEMBER Furman, NAME LLC Office Report First Second Quarter Quarter 20072009 Upstate Market TRENDS: STATISTICS: Vacancy Rate Net Absorption Number of Buildings...3,288 Market Size (SF)...31,367,198
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