Colliers Charleston Office Report: New leases highlight normalizing high-end market
January 9, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 Charleston Office
Market Highlights
The Charleston office market saw positive signs in the last quarter of 2024 as new leasing picked up, driven by entrants from outside the market. Daniel Island saw its strongest activity in over a year as spaces vacated by Blackbaud begin to re-lease, marking a shift in momentum for Charleston’s highest-vacancy submarket. Across the market, asking lease rates ticked down slightly as an excess of Class A space meant leverage remained with tenants.
Click here to read the full report.
Key Takeaways
- Elevated Class A availability is placing downward pressure on asking rents
- New leasing activity reached its highest level in several quarters
- Construction unlikely until more Class A space is leased
Summary
Interest in the Charleston market remains strong, as the region boasts a strong tech and finance workforce due to high in-migration from major Northeastern metros. The market saw five leases over 10,000 square feet, most of which will begin north of $39.00 per square foot, reflecting solid willingness to pay high asking rates at newer spaces.
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 are the largest manager of commercial real estate properties in South Carolina with a portfolio of over 25 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 which currently exceed $1.1 billion in project value.
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.
