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gman430

The glut of available office space downtown

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Greenville has a recurring issue with high office vacancies, and it's been going on for years.  However, one solution is that government shouldn't promote development of large blocks of office space outside of downtown (government jumped for joy when the TD Bank campus was built alongside I-85, but the result was more sprawl and higher vacancies downtown).  We need to get over this "let's build anything since growth is automatically good, whatever its characteristics" mentality. 

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I saw that article too and doesn't sound good. I was surprised, just a year or two there was an article about historically low vacancies.:dontknow:

All the more reason to do a total housing redo of the landmark building, take that outdated space off the market, let tennents fill space elsewhere DT, add a couple stories to the top for a penthouse and rotating restaurant and a new tallest; win-win-win!

Edited by distortedlogic

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30 minutes ago, distortedlogic said:

I saw that article too and doesn't sound good. I was surprised, just a year or two there was an article about historically low vacancies.:dontknow:

All the more reason to do a total housing redo of the landmark building, take that outdated space off the market, let tennents fill space elsewhere DT, add a couple stories to the top for a penthouse and rotating restaurant and a new tallest; win-win-win!

Yep. With new office space coming online, companies downsizing/moving to the suburbs, and other closing up shop completely it’s a big lose situation right now. CertusBank, TD, BB&T, WYNIT, etc...the skies are dark right now. When is the city going to wake up?  

That’s not a bad idea with the landmark building. I wouldn’t mind seeing it and others converted to hotels also. 

Edited by gman430

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34 minutes ago, ausrutherford said:

The article lost me when they said there isn't enough parking...

It lost me when it said “The Greenville market continues to show low vacancy rates and record-setting asking rates”

Edited by Jet-set

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1 hour ago, ausrutherford said:

The article lost me when they said there isn't enough parking...

There isn’t. A lot of the garages have waiting lists. That’s why a new garage was recently built just for the South State Bank building on Broad Street. 

51 minutes ago, Jet-set said:

It lost me when it said “The Greenville market continues to show low vacancy rates and record-setting asking rates”

That’s just NAI Earle Furman talking and trying to make the situation sound better than it really is. The real issue is told by Colliers: 

“The Greenville office market is in a unique position with lots of large block availabilities,” says Taylor Allen, brokerage associate at Colliers International. “These availabilities will span throughout both the suburban and downtown markets. As new projects have been developed over the past few years such as ONE and 110 E. Court St., the tenants experienced a flight to quality, which has left large chunks available.”

Edited by gman430

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I never saw a vacancy percentage rate in that article just numbers like 500k and 682k (which includes a building that hasn't even started construction).   Percentages would give a better picture. 

This is why i don't think Bridgeway is going to happen very quickly. If it does, it will probably be at DT's expense.  We need to get some HQ relocations to Greenville, if we are going to fill up the building already proposed both DT and in Bridgeway.   having some big blocks of space actually make it more likely to happen though. 

I would be just fine with Bridgeway going on the backburner for a few years.   

 

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