The Greenville-Spartanburg office market entered 2026 on firm footing, with downtown demand strong enough to trigger the first new multi-tenant office construction in Greenville’s central business district in five years, according to Colliers South Carolina’s first-quarter 2026 market report released this week. Years of sustained rent growth in top-tier downtown space have created the conditions for 101 East Court, a planned office development that has already drawn significant pre-leasing interest at $50 per square foot — a benchmark rarely seen in the Upstate market.
The report notes that once 101 East Court delivers, it will mark the first multi-tenant office construction completion in the Greenville CBD since the Camperdown project wrapped in 2021. Absent new supply, high-quality downtown vacancy is likely to remain minimal, pushing lease terms longer as tenants seek to lock in space before further rent increases. Professional services tenants are driving the demand, drawn by the Greenville-Spartanburg market’s strong business climate and the continued in-migration of employers and workforce talent to the Upstate.
The quarter’s most notable transaction was Novant Health’s $44.8 million purchase-leaseback of the former TD Bank campus at 200 Carolina Point Parkway in Greenville — a 295,000-square-foot, 17-acre property that Novant is adding to its portfolio as it builds out a major new medical campus nearby. Suburban markets across both Greenville and Spartanburg counties continue to show an abundance of large available spaces, a legacy of corporate right-sizing, which translates to competitive lease terms for businesses seeking suburban locations in the Spartanburg corridor along I-85 and I-26.
Q: What is the biggest takeaway from the Colliers Q1 2026 report for the Greenville-Spartanburg office market?
A: Downtown Greenville Class A rents have climbed to $50 per square foot, strong enough to support the first new multi-tenant office construction in the Greenville CBD since 2021, with 101 East Court drawing strong pre-leasing interest.
Q: What does the report mean for Spartanburg businesses?
A: Suburban markets across both Greenville and Spartanburg counties still have an abundance of large available office spaces with competitive lease rates, giving Spartanburg-area businesses favorable negotiating conditions for expansions or relocations along the I-85 and I-26 corridors.
Q: What was the biggest real estate deal in the market this quarter?
A: Novant Health’s $44.8 million purchase of the former TD Bank corporate campus at 200 Carolina Point Parkway in Greenville — a 295,000-square-foot, 17-acre property — was the headline transaction of the quarter in the Greenville-Spartanburg office market.
Q: Why is new office construction significant for this market?
A: The Greenville-Spartanburg market has seen very limited new downtown office construction since 2021. A new development at 101 East Court signals that rents have risen far enough to justify construction costs, which is a sign of sustained, long-term demand from the professional services sector.
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