Colliers International releases fourth quarter 2018 market snapshots for Charleston
January 2, 2019
Colliers International | South Carolina has released a snapshot of its fourth quarter preliminary data for the office, industrial and retail markets in Charleston.
Office market
The Charleston suburban office market continues to be in high demand and absorbed 111,900 square feet during the fourth quarter of 2018. In addition, there are currently 11 buildings under construction throughout the market that, when completed, will add 602,972 square feet to the market. Due to high demand, absorption will continue to be positive; however, due to new construction growth, the vacancy rate is expected to rise in the next few quarters.
Market statistics
| Change from Q3 2018 | ||
|
13,185,338 SF | — |
|
122,810 SF | — |
|
13.10% | Higher by 32 basis points |
|
$23.55 | Higher by 0.10% |
Charleston CBD statistics
| Change from Q3 2018 | ||
|
10,910 SF | — |
|
6.66% | Lower by 40 basis points |
|
$32.29 | Lower by 1.37% |
Charleston suburban statistics
| Change from Q3 2018 | ||
|
111,900 SF | — |
|
14.78% | Higher by 48 basis points |
|
$22.56 | Higher by 2.31%
|
Industrial market
Manufacturing space is in demand throughout South Carolina, and the Charleston region is no exception; the manufacturing sector absorbed 67,600 square feet. The overall market absorption was 26,286 and is expected to continue to be positive in the next few quarters. In addition, since last quarter three new buildings totaling 157,000 square feet were added to the market and Charleston still posted a positive absorption; the Charleston industrial market is booming.
Market statistics
| Change from Q3 2018 | ||
|
52,632,113 SF | — |
|
26,286 SF | — |
|
9.42% | Higher by 22 basis points |
|
$5.73 | Higher by 10.62% |
Charleston flex/R&D statistics
| Change from Q3 2018 | ||
|
-21,302 SF | — |
|
7.46% | Higher by 50 basis points |
|
$9.26 | Lower by 0.43% |
Charleston manufacturing statistics
| Change from Q3 2018 | ||
|
67,600 SF | — |
|
8.34% | Higher by 20 basis points |
|
$4.03 | Higher by 1.77% |
Charleston warehouse statistics
| Change from Q3 2018 | ||
|
-20,112 SF | — |
|
9.91% | Higher by 20 basis points |
|
$5.89 | Higher by 13.49% |
Retail market
The Charleston retail market is stable. There were no new retail buildings added to the market during the fourth quarter of 2018 and the activity has remained relatively steady, with little variation in the weighted shop space rental rates.
Market statistics
| Change from Q3 2018 | ||
|
14,324,036 SF | — |
|
-27,389 SF | — |
|
5.53% | Higher by 19 basis points |
|
$20.40 | Higher by 0.84% |
Charleston core statistics
| Change from Q3 2018 | ||
|
-28,881 SF | — |
|
4.36% | Higher by 38 basis points |
|
$22.12 | Higher by 6.65% |
Charleston non-core statistics
| Change from Q3 2018 | ||
|
1,492 SFSF | — |
|
6.85% | Lower by 2 basis points |
|
$19.15 | Lower by 4.01% |
Full market reports will be provided in the coming weeks with extensive, final data and more analysis. To receive these reports automatically via email, sign up on colliers.com.
About Colliers International
Colliers International | South Carolina has over 140 staff members, including 60 real estate professionals. Total brokerage volume in excess of $750 million for 2017, involving over 900 sales and leasing transactions. Colliers International is the largest manager of commercial property in South Carolina and is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM), with a portfolio at year-end 2017 of approximately 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff holds 46 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s affiliate, LCK, provides project and construction management services for new facilities and renovations across South Carolina.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
