Charleston office market report

Q4 2022

The Charleston office market seems to be entering a recovery phase, with decreasing vacancies and significant construction activity. Job growth continues in the market, especially for professional and business services.

326k sf

Absorption

The Charleston office market experienced 326k sf of positive absorption in Q4 2022 – a 452k sf increase from the previous quarter.

9.2%

Vacancy

The total vacancy rate fell to 9.2% this quarter, which is 70 basis points lower than the previous quarter.

8.2%

Asking rent

Office average asking rents increased by 8.2% from Q4 2021 to Q4 2022.

165k sf

Deliveries

Deliveries to the market in Q4 2022 totaled 165k sf, compared to no deliveries in Q3 2022.

2.2%

Unemployment

Unemployment in the Charleston market has plummeted to 2.2%, with around 400k employees in the market.

14.8%

Professional & business services growth

Charleston’s professional and business services have experienced a 14.8% increase in employment over the past 12 months.

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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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