Charleston office market report
Q2 2022
While vacancy rates decreased, net absorption saw a 120K sf increase in Q2 2022, which could be the result of employees returning to the office in Charleston.
Inventory
353,032 sf of office space is under development in the Charleston market, with 74% of the new construction concentrated in Trophy buildings.
Net absorption
Net absorption has seen an increase in Q2 2022, with Downtown Charleston and North Charleston seeing most of the positive absorption.
Direct asking rent
Charleston offices are demanding about $28 psf, with the most expensive asking rents in the Downtown Charleston submarket.
Availabilities
Total space available in Q2 2022 has seen a decrease since the previous quarter.
Vacancy
Office vacancy is trending downwards as a result of strong leasing activity.
Investment sales
Sales volume and price psf have risen from previous quarters.
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