1Q17 Charleston MSA Office Market Snapshot
Like most other market sectors, Charleston’s office market continues to be explosive. New construction and rates are again on the rise, and the market can expect quality delivery for its various growing industries. Software and IT are among the fastest growing, evident by BoomTown’s recent upgrade and Blackbaud’s Daniel Island expansion. As TAMI tenants infiltrate the market, creative office space is increasing throughout the region to meet demand.
Office inventory in the Charleston MSA amounted to ±30 million SF in ±3,065 buildings at the end of the quarter.
Five office buildings totaling ±57,055 SF were delivered to the market; ±41,420 SF belong to the new Booz Allen Hamilton campus on Clements Ferry Road.
±620,359 SF of office space remains under construction, including Blackbaud’s new ±172,000 SF campus on Daniel Island.
The largest lease signing was ±20,000 SF by The Salvation Army at 6209 Rivers Avenue in North Charleston.
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