IRR-Charleston Mid-Year Viewpoint 2015 Local Market Report - Office
The Charleston Office market has seen slow growth over the last couple of years. Currently there is a total of 275,000 SF under construction mid-year 2015 primarily in suburban submarkets. There is a 15,000 SF of office space that is being developed as part of a mixed use development in Downtown Charleston. There was essentially no new office developments completed in 2014. 75,000 SF is scheduled to be completed mid-year at Daniel Island with another 100,000 SF of speculative space that might be available in the second half of 2015.
With no additional office space being completed in 2014 the office market saw 80,000 SF of positive net absorption. With no new produce available vacancy rates have also declined and lease rates have risen slightly. Mercedes-Benz has recently announced a $500 Million investment in the market that will create approximately 1,300 new jobs. Additionally the City of Charleston and the Medical University of South Carolina has announced a mixed use development to assist in the growth of the health care sector in the market.
The development will include 150,000 SF of office and research that will provide additional jobs in the area. With new office development and consistent job growth the office market can expect to continue to improve.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.