Q4 2023 | CHARLESTON, SC
CHARLESTON OFFICE MARKET REPORT
Q4 MARKET SNAPSHOT
15,433,654 SF Inventory
13.7%
Vacancy
$30.14 SF
Asking Rents
425,000 SF Construction
304,292 SF
YTD Deliveries
Q4 HIGHLIGHTS & TRENDS • OFFICE ACTIVITY IS STRONG IN THE SUB-10,000 SF RANGE ACROSS ALL SUBMARKETS. • CORPORATE SUBLEASE ARE ABUNDANT AND READILY AVAILABLE IN SPACES GREATER THAN 20,000 SQUARE FEET. • RENTAL RATES HAVE INCREASED DURING 2023 FOR NEW AND CLASS A PROJECTS DUE TO INCREASED IMPROVEMENT COSTS AND LIMITED SUPPLY OF HIGH QUALITY PRODUCT. • BUSINESSES FOCUS ON QUALITY BUILDINGS, NEARBY AMENITIES AND HIGH QUALITY FINISHES TO ENCOURAGE RECRUITMENT AND BACK TO WORK POLICIES. • MEDICAL OFFICE GROWTH WAS SIGNIFICANT PARTICULARLY IN HIGH GROWTH RESIDENTIAL AREAS SUCH AS SUMMERVILLE. • INVESTMENT SALES IN 2023 WERE VERY LIMITED DUE TO THE CHANGE IN INTEREST RATES AND CORRESPONDING CHANGE IN EXIT CAP RATES.
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