Colliers Charleston Office Report: Easing rents spark activity in downtown, North Charleston
April 14, 2025
Commercial Real Estate Research & Forecast Report
Q1 2025 Charleston Office
Market Highlights
The Charleston market saw several quarters of increasing demand culminate in its highest absorption in a year at 90,244 square feet. Downtown and Lower North Charleston Class A and B spaces captured the bulk of new absorption, emphasizing the attractiveness of the market’s core as tenants seek to maximize amenities over commute times in a push towards return-to-office.
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- Move-ins and new leases are reducing an excess of Class A space
- Sublease availabilities remain abundant, suppressing rents
- Renovated and highly-amenitized buildings experiencing higher interest levels
Summary
Buildings offering attached parking and renovated spaces performed best in a competitive environment in which rents have declined slightly from an aggressive peak, but vacancy remains relatively elevated. Suburban submarkets such as Daniel Island, in which 37% of space remains vacant, still face significant challenges, but several notable leases signed in the Faber Place office park provide a boost. Abundant sublease availability is still suppressing rents, but sublease deal activity is on the rise.
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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
