Activity & Deals Exploded in the First Quarter

CHARLESTON, SC – April 30, 2013 – Robust activity and transactions marked the beginning of the firstquarter 2013 for the Greater Charleston office market. Large contiguousblocks of space that existed in the market were consumed by Boeing andother expanding corporate tenants, specifically tech companies.Buildings that have not seen any interest in years are now gettingattention and getting leased. After the 2012 year of renewals, tenantsare ready to make a move and are actively searching for space in newbuildings that offer creative workspaces with modern and efficientlayouts.

Key Takeaways

• Activity and deal volume multiplied which coincided with the positive news and announcements from Boeing and the technology sector.

• Overall market vacancy declined in the first quarter as tenants contended for existing quality space.

• Product that has not seen any activity in years is now being absorbed.

• Charleston’s quality of life, cost of living and asset base will offset the effects that sequestration will have on the market.

• The delivery of Faber Pointe added much needed supply to the Suburban market of Lower North Charleston.

• Nexton Office Campus kicked off construction of Building I and upon delivery will be Summerville’s only Class A building in that submarket and of that size.

• The investment sales market is still on fire with the sale of 25 Calhoun.

• The entrepreneurial investor will find opportunities to reposition and repurpose Class B and C buildings.

Click here to download the PDF of the complete report: Colliers International | Q1 2013 Charleston Office Market Report