The glut of available office space downtown

[vicupstate]

We need to repurpose some of those C buildings.  Can you get a list of those?

[GvilleSC]

2 hours ago, vicupstate said:

We need to repurpose some of those C buildings.  Can you get a list of those?

Would the former Canal building be  considered C and downtown? 

[gman430]

2 hours ago, GvilleSC said:

Would the former Canal building be  considered C and downtown? 

No clue unfortunately. I don’t have a list of which 11 buildings are Class C. I do know Landmark and Canvas are Class C though. Those two alone are half of the available square footage. My guess is that the former Canal building is Class C also.

Edited January 11, 2023 by gman430

[gman430]

Big building permits issued for Riverplace office space, One Liberty Square, and Landmark building in the past week. Good signs. Triangle and Rescom are the contractors. 

Edited January 11, 2023 by gman430

[vicupstate]

1 hour ago, gman430 said:

No clue unfortunately. I don’t have a list of which 11 buildings are Class C. I do know Landmark and Canvas are Class C though. Those two alone are half of the available square footage. My guess is that the former Canal building is Class C also.

I would suspect the Canal building is Class B, since there have been a lot of recent renovations in the last ten years or so.  

[gman430]

6 minutes ago, vicupstate said:

I would suspect the Canal building is Class B, since there have been a lot of recent renovations in the last ten years or so.  

Ahh…you might be right then. I don’t think that space is for lease at this time anyways. I believe a mixed use development is planned for that site in the future. 

I did some research also. The Landmark building has 178,397 square feet available and Canvas has 130,000 square feet available. That‘s over 308,000 square feet.

Edited January 11, 2023 by gman430

[vicupstate]

4 minutes ago, gman430 said:

Ahh…you might be right then. I don’t think that space is for lease at this time anyways. I believe a mixed use development is planned for that site in the future. 

 

The Canal building is going to be a mixed use project??  

[gman430]

3 minutes ago, vicupstate said:

The Canal building is going to be a mixed use project??  

Yeah. That’s the plan. On Stone Avenue across from NorthPointe. 

[vicupstate]

2 minutes ago, gman430 said:

Yeah. That’s the plan. On Stone Avenue across from NorthPointe. 

I thought we were talking about the NEW Canal building, not the old one. 

[gman430]

1 minute ago, vicupstate said:

I thought we were talking about the NEW Canal building, not the old one. 

Ohhh…I thought GvilleSC was talking about the old one. The new one is Class B for sure. 

Edited January 11, 2023 by gman430

[GvilleSC]

1 hour ago, gman430 said:

Ohhh…I thought GvilleSC was talking about the old one. The new one is Class B for sure. 

Yea -- I was talking about the old Canal building. I was mostly curious about the boundaries of what is considered downtown for leasing purposes. 

[distortedlogic]

2 hours ago, gman430 said:

Ahh…you might be right then. I don’t think that space is for lease at this time anyways. I believe a mixed use development is planned for that site in the future. 

I did some research also. The Landmark building has 178,397 square feet available and Canvas has 130,000 square feet available. That‘s over 308,000 square feet.

All the more reason to do a full makeover of the Landmark and turn into something else!

[SVL]

https://upstatebusinessjournal.com/square-feet/canals-move-to-101-north-main-greenville-sc-building-exemplifies-shifting-trends-in-office-needs/

With CBRE research data for 4th quarter 2022 indicating office vacancy rates hovering around 3%, Hart says he expects 2023 to bring announcements for new office building projects in the Greenville-Spartanburg market.

“We are going to need more space to meet anticipated growth,” he says.

[PuppiesandKittens]

2 hours ago, SVL said:

https://upstatebusinessjournal.com/square-feet/canals-move-to-101-north-main-greenville-sc-building-exemplifies-shifting-trends-in-office-needs/

With CBRE research data for 4th quarter 2022 indicating office vacancy rates hovering around 3%, Hart says he expects 2023 to bring announcements for new office building projects in the Greenville-Spartanburg market.

“We are going to need more space to meet anticipated growth,” he says.

Thanks for sharing.  I looked up Canal, and in clicking on its website, realized that it's located in the Sears that my mother dragged me to when I was a kid.

ANYTHING would be a step up from working in a windowless former Sears.  Same for the county employees who work in the windowless former Woolco on University Ridge!

[gman430]

Good to see:

https://upstatebusinessjournal.com/square-feet/thrive-coworking-to-open-downtown-greenville-sc-facility/

Looks like more space has been leased recently at the Canal building also.

Edited March 10, 2023 by gman430

[vicupstate]

^^  Poinsett Plaza, not Canal  

[gman430]

12 minutes ago, vicupstate said:

^^  Poinsett Plaza, not Canal  

Oh, I know. I’m saying that space has been leased at the Canal building in addition to this space being leased at Poinsett Plaza. Sorry for the confusion there. 

Edited March 10, 2023 by gman430

[gman]

It looks like the commercial real estate market is in real trouble. Banks are beginning to be affected too, thus the huge decline in bank stocks yesterday. If rates continue to go up, the prime rate will be getting close to 9.00% soon. No one can afford those kind of carrying costs. My point is, don't be surprised to see several projects come to a halt, not just in Greenville, but throughout the entire nation. Having seen many ups and downs in my 35 year banking career, the present economic conditions are getting scary.

Edited March 10, 2023 by gman

[vicupstate]

34 minutes ago, gman said:

It looks like the commercial real estate market is in real trouble. Banks are beginning to be affected too, thus the huge decline in bank stocks yesterday. If rates continue to go up, the prime rate will be getting close to 9.00% soon. No one can afford those kind of carrying costs. My point is, don't be surprised to see several projects come to a halt, not just in Greenville, but throughout the entire nation. Having seen many ups and downs in the 35 year banking career, the present economic conditions are getting scary.

Powell won't stop until we have  a recession. A soft landing would have made him a genius, but he gave up on that.  

[gman]

45 minutes ago, vicupstate said:

Powell won't stop until we have  a recession. A soft landing would have made him a genius, but he gave up on that.  

I agree. Also, banks are getting ready to tighten up on lending. It’s going to be a rough year for everybody. 

[gman430]

Everything is okay: https://www.cnbc.com/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html Meep.  

My poor drone is going to be collecting dust now for the next few years. 

Edited March 10, 2023 by gman430

[gman430]

According to the latest office report from Colliers for Q1 2023, the Class A vacancy office rate in the CBD now stands at 1.77%. That is not a typo either.  There is only 31,005 square feet available out of 1,753,155 square feet total. Rental rates for this Class A space continue to increase and now stand at $31.14 on average per square foot which is higher than pre-Covid. 

Class C for the CBD also saw improvement in the vacancy rate. Class B for the CBD unfortunately is a different story and saw negative absorption for the quarter. 

Edited April 3, 2023 by gman430

[vicupstate]

^^ That bodes well for County Square.  I wonder where that 31k is located? One building or multiple? 

[gman430]

5 minutes ago, vicupstate said:

^^ That bodes well for County Square.  I wonder where that 31k is located? One building or multiple? 

Not sure. I don’t see any of the office space getting built at County Square. It will be like every other project downtown and go through delay after delay that will drag on for years where the developer will blame everything from Covid to inflation as to why it can’t get built. 

Edited April 4, 2023 by gman430

[gman430]

-14,200 square feet leased at 201 East McBee Avenue by unknown tenant. 

-27,280 square feet leased at Two Liberty Square by Shellpoint Mortgage Servicing. 

-11,000 square feet leased at 110 East Court Street by Alston Construction Company.

-4,482 square feet leased at 110 East Court Street by Hub International Midwest Limited.

-3,177 square feet leased at 131 Falls Street by Messer Construction Company. 

-4,500 square feet leased at 508 Rhett Street by CF Evans Construction Company.

-2,500 square feet leased at 508 Rhett Street by Corsica Technologies.

-2,472 square feet leased at 200 East Broad Street by Creative Builders.

-7,065 square feet leased at 101 East Washington Street by First National Bank. 

-9,600 square feet leased at 1122 S. Main Street by ChargePoint Inc. 

-4,000 square feet leased at 23 Falls Park Drive by Domtar Paper Company. 

 

 

 

Edited April 19, 2023 by gman430