Charleston office market reports
3Q21 highlights and trends
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Charleston is set to see further economic growth through the end of 2021 as companies such as Argents Air Express, Telus International, and Southwest Airlines expand operations in the region. Total vacancy has reached a record high at 12.3%, but rents have increased from 2020 to an asking rate of $26.40, which demonstrates the hopes of a strong Q4.
Economic conditions
Unemployment rate in Charleston, down 760 bps from the height of the pandemic.
Recovery rate
Center for Disease Control’s post-COVID-19 rate of recovery for South Carolina, with an estimated 42% decrease in COVID-19 cases over the next month.
Office demand
Charleston leasing activity this year through 3Q 2021, with a combined total of 2.12M sf leased since the start of 2020.
Office supply
Total amount of vacant sublease space (in square feet) on the market in Charleston, comprising 15.0% of total vacant space. 1,745,239 sf of vacant direct space also sits on the market.
Pricing trends
Current asking rent for Charleston offices, seeing a slight increase from asking rents of $25.75 in 2020.
Capital markets
Total office investment volume (in millions) in Charleston for the period from January 2020 through September 2021. For 2021, the total investment volume sits at $54M.
Your source for the latest Charleston office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Charleston area. Avison Young advisors look at Charleston commercial real estate activities and the latest Charleston statistics to provide you expert market research on Charleston's office properties.
Explore different topics like the latest office market pricing trends and analysis of Charleston's current office real estate market conditions. Gain a better understanding of Charleston’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Charleston's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Charleston.
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