Charleston office market anxiously awaits delivery of new construction
- During the fourth quarter of 2019, the overall Charleston office market absorbed 64,329 square feet.
- New construction and upgraded space availabilities increased the overall average weighted rental rate to $25.72 per square foot during the fourth quarter of 2019.
- Due to completed construction outweighing absorption, the overall vacancy rate rose slightly from 10.74% last quarter to 11.74% this quarter.
- Positive office-using job creation will be necessary to increase office demand.
2019 Office Recap
Over the past 12 months, there were 14 office buildings delivered to the Charleston market adding 719,068 square feet. Despite the office deliveries this year, the Charleston office market vacancy rate has decreased from 13.81% during the fourth quarter of 2018 to 12.71% this quarter. Charleston offices absorbed 725,704 square feet and while all of the class sectors posted positive absorption, all of the positive absorption occurred within Class A and B properties. Lower North Charleston had the highest absorption of 232,375 square feet followed by Upper North Charleston absorbing 157,122 square feet. Due to building upgrades and new office deliveries, the average weighted rental rate for the remaining office space in Charleston rose from $23.27 per square foot during the fourth quarter of last year to $25.72 per square foot during the fourth quarter of 2019.
Download the full report
For more information, including the market summary statistics, download the full research report.Download report