Top-10 office rank shows efforts paying off

Greenville's listing among the top-10 office markets in the United States is an encouraging sign for a city that has been trying to transform itself from an industrial hub into a diversified economic center. The listing on national real estate broker Sperry Van Ness' annual list shows those efforts are paying off, but it doesn't mean there isn't plenty of work to be done.

Among the reasons Greenville was ranked among the best office markets: its ability to offset manufacturing sector job losses with jobs in the leisure and hospitality, professional and business services, and health care and education industries. The study also cited a forecast drop in the office occupancy rate from 24 percent in 2005 to about 16 percent by the end of next year.

Greenville was one of three Carolina cities on the list -- the others were Charlotte and Columbia -- and among the smallest metropolitan areas to make the list. The rest of the list: Austin, Texas; central New Jersey; Houston, Texas; Little Rock, Ark.; New York; San Francisco; San Jose, Calif.

There's no doubt this market is attracting investors. The study noted interest that Florida investors have taken in Greenville's office real estate. Among those investments: FRI Investors Inc.'s $31 million purchase of the Wachovia Place complex and its $58 million purchase of Liberty Square. Also mentioned was a planned mixed-use development at The Point at Woodruff Road and Interstate 85. That project, which according to a report this week in The News has hit a snag, would include 600,000 square feet of prime office space. That interest suggests this area is primed for commercial expansion.

All 10 cities on the list were identified as places that had an eye toward the future. Among the questions that were asked in identifying the top markets, according to the study:

"When it comes to market growth and opportunity, is an area looking ahead? Is it taking advantage of cutting-edge ideas in planning? Is it encouraging a vibrant, dynamic, creative mix of real estate product and amenities? In other words, does it offer an environment in which companies can expand both physically and abstractly?"

Greenville can certainly answer "yes" to most of those questions.

Forward-looking city leaders have and continue to make downtown Greenville an inviting place. The city often is correctly described as vibrant and dynamic. And Upstate South Carolina often is touted as a great place to live and work.

Those sorts of efforts need to continue. As the national and global economies continue to become more competitive, Greenville cannot afford to be complacent. This area must continue to develop its identity and its reputation as a vibrant, dynamic place if it wants to continue to move forward.

In a report in The Greenville News, developer Phil Hughes praised the top 10 ranking, and said, "However, we didn't get here without a lot of hard work from a lot of people throughout the community. And if we're going to help fulfill those projections we've got to continue working hard."

He's right.

This ranking is a validation of the efforts to transform and diversify Greenville's economy and make this a city in which people want to live, work and do business. But the ranking doesn't guarantee success on those fronts. Still, it does show the efforts can pay off and are being noticed around the country.