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2020 Q1 Office Charleston Report

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Office activity impeded by COVID-19

Key Takeaways

  • The effects of COVID-19 on the office market will likely affect the employment sectors of tourism and professional and business services; however, the overall impact will not be known for several quarters. 
  • There are currently 790,240 square feet of office buildings under construction throughout the Charleston office market; however, construction completion will be prolonged due to the Coronavirus set-backs.

Nexton mirrors national creative office trends

Over the past five years office trends have shifted from building “just a place to work” to constructing a lifestyle center where business is conducted. Creative office spaces are centered around a sense of community and team building by offering collaborative areas and flexible floorplans-adaptable for varying corporate functions. Professionals are increasingly environmentally conscious; therefore, their preferences are geared toward green workspace with offices in park-like settings for outdoor enjoyment. In addition, employees are no longer commuting via car; they are locating near their offices and walking or bicycling to work. 

The Nexton development located in Summerville is adapting these trends as the new live-work-play area develops. When complete, the Nexton development will include medical centers, hotels, retail, multifamily and office spaces creating a regional community hotspot. Employees who do not already live onsite will find the commute to Nexton a pleasant one, thanks to the completion of Nexton Parkway and the Exit 197 interchange. Nexton is seeing office development in three stages, each more progressive than the last; however, construction completion dates will likely be pushed further into the future due to the impact of the Coronavirus. Phase 1 was completed in 2014 and is the site of a 98,225-square-foot traditional, multi-tenant office building located in the Front Street District. Phase 2 is the construction of WorkPlace at Nexton and is slated for completion in 2020. Upon completion, it will be a single-story, multi-building professional office park on Brighton Park Boulevard. Phase 3 of office development at Nexton is The Yard at Nexton, planned to be a fully-amenitized, modern office being delivered in 2021 within the Parkway District. The Yard mirrors the live-work-play office trends seen throughout the nation, offering a walkable location with collaborative workspace and onsite entertainment. In addition, the professional centers were built to be environmentally friendly surrounded by an abundance of green space and walking trails. The forward-thinking design of the entire Nexton development will aide employers with employee recruitment and retention due to an enhanced company culture promoting positive lifestyles.

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2020 Q1 Office Charleston Report

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Kristie Roe

Senior Brokerage Associate

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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.

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