The rating is based on excellent financial management and planning, low debt levels and other factors.
Greenville County is located in southeastern South Carolina, along the Interstate 85 corridor, about 75 miles southwest of downtown Charlotte.
Fitch reports a stable, diversifying economy in the area, which has broadened beyond its textile base. Foreign investment has also been strong, Fitch notes.
So much so that the county had a record year in general investment growth that increased from $158 million in 1995 to $1.032 billion in 2000, a leap of 653%, says the Greenville-based Cross Commercial Properties Inc. in its 2001 edition of the Cross Report.
The office occupancy level last year was 77% or 2% lower than in 1999, The decrease is directly related to increased inventory, particularly in the suburbs, the report states.
If the office market of just over seven million sf continues at the same absorption rate as it did last year, it will take four years to lease it up, Cross says.
Office rental rates have been ranging from a high of $20 per sf for class A to a starting range of $15.50 per sf for class B.
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