Charleston Commercial Real Estate Demonstrates Broad Based Substantial Improvement
February 13, 2012
CHARLESTON, SC – February 13, 2012 – NAI Avant’s fourth quarter 2011 report notes broad based substantial improvement in industrial, office and retail markets.
The industrial market ended the year with an overall vacancy rate of 9.5 percent, down from the third, second and first quarters ending at 9.9 percent, 10.2 percent and 11 percent, respectively. Net absorption was positive 520,100 square feet for the fourth quarter.
Overall vacancy rate for the Charleston office market was down 0.5 percent from the previous quarter, ending at 8.0 percent. Net absorption totaled positive 195,405 square feet, up from the third quarter at 83,547. Class A properties reported a slight decrease in vacancy rate ending at 9.7 percent and Class B properties reported a 9.6 percent vacancy also down from the previous quarter. The overall vacancy rate in downtown Charleston at the end of the fourth quarter decreased to 4.7 percent.
The retail sector vacancy rate decreased 0.2 percent from the third quarter, ending at 5.4 percent. Net absorption was strong in the fourth quarter totaling 208,817 square feet, up from the previous quarter of positive 131,094 square feet.
“The Charleston Metro Market has experienced employment growth for 18 consecutive months triggering a substantial decrease in all market segment vacancies. We anticipate this trend will continue throughout 2012 accelerating sales and leasing deal velocity,” said David Grubbs, Managing Principal and Broker-In-Charge of the NAI Avant Charleston Office.
About NAI Avant
NAI Avant’s commercial real estate business is one of the largest in the Southeast. With over 65 professionals, the firm provides comprehensive brokerage, leasing, development, property and project management services. For nearly three consecutive decades, the group has had more of its brokerage professionals recognized as top producers or recipients of the top awards than any other firm in South Carolina. As a member of the NAI Global Network, NAI Avant is affiliated with over 350 offices and 5,000 professionals in 55 countries across the globe. NAI Global is the largest independent commercial real estate service provider worldwide and a wholly owned subsidiary of C-III Capital Partners. NAI Avant’s Property and Project Management Group currently manages a multi-million square foot portfolio of properties across South Carolina, North Carolina, and Georgia. Through its Avant Healthcare Division, the firm provides comprehensive services to hospitals, clinics, and physician groups. NAI Avant, founded in 1966, is headquartered in Columbia, SC with an office in Charleston, SC. Find out more about NAI Avant and its services at www.naiavant.com. Be sure to follow us on Twitter @NAI Avant and like us on Facebook.
