Shuffling the tenant deck- where will they end up?
- Will tenants relocate to the Upper Peninsula or will they remain and renew?
- Sublease space is being absorbed, a positive sign of resiliency after the temporary downturn of office activity
- Office vacancy rates are on the decline after hitting a peak last quarter
- Rental rates continue to rise
There is a new office location emerging in Charleston north of Calhoun Street referred to as the Upper Peninsula. During 2021 there have been five new office buildings delivered totaling 384,000 square feet. In addition, there are four properties expected to deliver by the end of 2022. Three totaling 276,000 square feet are currently under construction and one 90,000-square-foot office is proposed. While this extension of Downtown Charleston does not offer the same amenities as the traditional Charleston Central Business District, it has unique charm that is attractive to office users.
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