2Q17 Charleston MSA Office Market Snapshot
Predictably, key metrics on the Charleston office market continue to trend in a bullish direction. Rental rates are gradually rising and vacancy is creeping down; both of which support the rather large amount of new office product in the pipeline. This development boom is unprecedented in our city, so we will be keeping an eye on how quickly the new product is absorbed in the coming year, and its effect on rental and vacancy rates of existing product.
Office inventory in the Charleston Metropolitan Statistical Area (MSA) amounted to ±30 million square feet (SF) in ±3,076 buildings at the end of the second quarter.
Five office buildings totaling ±80,051 SF were delivered to the market; most notably the ±21,902 SF “live/work” building at 80 Calhoun Street.
±713,917 SF of office space remains under construction, including a ±105,000 SF facility at 4401 Leeds Avenue in North Charleston, and Blackbaud’s ±172,000 SF campus building on Daniel Island.
The largest lease signing was ±19,809 SF by the Southeastern Institute at Aviation Business Park in North Charleston.
For more information, contact Scott Peevy at +1 (843) 518 5316 or firstname.lastname@example.org.