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2020 Q4 Charleston Office Report

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Sublease space and office pipeline offer tenants a unique upgrade opportunity

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Key Takeaways

  • Sublease and anticipated office deliveries in 2021 afford tenants the opportunity to upgrade from their current office space. Furthermore, out-of-market businesses can relocate   headquarters or start a new business in Charleston.
  • Rental rates will be likely be lowered throughout the market until the Class A office sublease space is absorbed.

Commercial development follows residential boom 

Charleston saw an uptick in residential sales beginning last year and continuing into 2020 as residents desired more space to work remotely and stay further away from communal environments. The need for distance has led to an uptick in single-family home sales throughout Charleston. Year-to-date home sales have increased over the home sales through November of 2019 by 12.9% in Berkeley County, 14.8% in Charleston County and 19.6% in Dorchester County. In addition, homes throughout the Charleston region are sold within two months or less from the time they are listed, proving the residential market is maintaining momentum. New homes were built in 2019 anticipating an increase in population, and then in 2020 growth was fueled by the pandemic and need for personal space therefore boosting overall Charleston residential sales. Residential growth bodes well for commercial real estate because it allows out-of-town business owners new home choices throughout the region. Commercial real estate tends to follow residential development trends by providing offices to be filled by businesses new to the region. The Charleston office market is proving this trend to be true.  

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2020 Q4 Charleston Office 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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