Charleston Office Market Report (Q4 2020)28 Jan 2021
The Charleston office market shows resiliency despite an elusive return to normalcy and no clear picture of the new norm. The vacant square foot (sf) total has increased by over 500,000 sf since the beginning of the year, increasing the vacancy rate to 14.2%, up 3% since the first quarter. Available sublet space has increased drastically from the start 2020. While businesses have increasingly offered back space through sublease since 2018, with a current availability of over 717,000 sf of sublet space, we now have seven times the high reported coming out of the 2009 national recession. As total availability has steadily increased, spanning an uncharacteristically long time period, it is reasonable to believe that it may take the market longer to move through the cycle.