Charleston office market reports
2Q21 highlights and trends
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Total vacancy in Charleston is at a record high, totaling 11.6%, however, as companies and new homeowners expand to Charleston, we may see an increase in office leasing activity. Asking rents are at about $28.40 psf, as demand is starting to increase in secondary and tertiary markets.
Economic conditions
Unemployment rate in Charleston, down 750 bps from the height of the pandemic.
Recovery rate
South Carolina Department of Health and Environmental Control's rate of recovery for the state, with leisure and hospitality and education and health services seeing the highest precentage of job gains since April 2020. Charleston is now reporting less than 100 new COVID-19 cases per week.
Office demand
Leasing activity for 2021 so far has surpassed half of the total leasing activity recorded in 2020 - we can expect that year-end 2021 office leasing will surpass the totals in 2020.
Office supply
Total amount of vacant sublease space (in square feet) on the market in Charleston, comprising only 2.3% of total vacant space. This number has increased by 1.99% from the amount of sublease space listed in 2020.
Pricing trends
Current asking rent for Charleston offices, this is a slight increase from the asking rent in 2020, but an 8.8% decrease in asking rent from 2019.
Capital markets
Total office investment volume (in millions) in Charleston for the period from Jan 2020 through Jun 2021. For 2021, the total investment volume sits at $26M.
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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