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2021 Q1 Office Charleston Report

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Charleston office pipeline boosts 2021 office activity

Key Takeaways

  • New developments will cause rental rates to flatten or fall
  • Regional and local businesses are likely to boost positive absorption, while national companies are opting to work remotely
  • Due to rising availabilities, tenants can be selective and landlords will be pressed to be creative to renew existing tenants

New development throughout the Charleston office market will renew interest from out-of-market occupiers, but rising availabilities will allow tenants to be selective. In addition, despite national corporate companies downsizing and opting to work remotely, regional and local businesses are returning to the workplace thereby boosting the demand for office product. Rising demand is forcing supply owners to get creative with existing buildings to renew leases. Absorption was positive during the first quarter of 2021 with the Upper North Charleston submarket posting 85,096 square feet of absorption, the highest amount in the Charleston market. 

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2021 Q1 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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