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2021 Q3 Office Charleston Report

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Shuffling the tenant deck- where will they end up?

Key Takeaways

  • 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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2021 Q3 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

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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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