Colliers Charleston Office Report: Performance mixed as top-end rents accelerate
October 3, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Charleston Office
Market Highlights
Charleston’s office market continues to experience high overall vacancy and record high rental rates as the market trends towards increasing bifurcation. Top-end rates now exceed $50.00 per square foot for the most prominent Class A spaces, while Class B and C asking rents have remained essentially flat over the past three years as landlords struggle to fill vacancies.
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Key Takeaways
- Rental rates for Class A space vary widely with top rates reaching above $50 per square foot
- New construction is still limited as large occupancies remain uncommon
- Class B and C spaces face an uncertain short-term outlook
Summary
Demand is strongest for highly amenitized, modern spaces under 10,000 square feet offering easy interstate access and on-site parking as employers upgrade their offices while seeking to attract employees back to the office.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 23 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
