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2019 Q4 Office Charleston Report

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Charleston office market anxiously awaits delivery of new construction

Key Takeaways

  • 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. 

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2019 Q4 Office Charleston Report

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Related Experts

Kristie Roe

Senior Brokerage Associate

Charleston

As a Senior Brokerage Associate with Colliers International | South Carolina, my expertise is in the leasing and sale of office properties and investment sales across Charleston and the Lowcountry. My clients include investors, owners, users, landlords and tenants in both development projects and existing products.

My clients rely on my market analysis, strategic planning, contract negotiations and detailed reporting to provide positive results and the fulfillment of their real estate goals and needs.

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William Ederle

Brokerage Associate

Charleston

My role at Colliers is simple: assist owners, landlords and users to navigate the Charleston and Lowcountry office market, ensuring that their commercial real estate needs and goals are met. Working with Kristie Roe, another office specialist in the Charleston market, we assist clients at all points of the leasing process. On the Colliers team, I am the point person for data tracking, monitoring analytics, tracking client contacts, directing proposals, cold calling and prospecting for business.

I am a big believer in Colliers’ platform of services, especially in the way we take market data and turn it into unique solutions that others cannot offer. My goal is to ease your mind by contextualizing your commercial real estate needs with my market knowledge and our market data. 

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