Colliers International releases third quarter 2018 market snapshots for Charleston
October 2, 2018
Colliers International in South Carolina has released a snapshot of its third quarter preliminary data for the office, industrial and retail markets in Charleston.
Office market
Charleston has a positive business climate, ripe for continued economic expansion. The office market absorbed 216,319 square feet, due to a high suburban absorption, and 199,832 square feet of new office buildings were delivered to the market this quarter.
Market statistics
| Change from Q2 2018 | ||
|
13,129,152 SF | — |
|
216,393 SF | — |
|
12.05% | Lower by 32 basis points |
|
$24.13 | Higher by 1.60% |
Charleston CBD statistics
| Change from Q2 2018 | ||
|
-5,413 SF | — |
|
7.06% | Higher by 16 basis points |
|
$32.74 | Lower by 3.42% |
Charleston suburban statistics
| Change from Q2 2018 | ||
|
221,806 SF | — |
|
13.36% | Lower by 48 basis points |
|
$22.80 | Higher by 2.61% |
Industrial market
New regulations regarding trucking Electronic Logging Devices (ELD) will make secondary markets desirable for locating distribution and manufacturing centers. Within the Charleston industrial market, vacancy is lower this quarter than it was in the second quarter. Rental rates are on the rise, as is the demand for industrial space.
Market statistics
| Change from Q2 2018 | ||
|
51,432,261 SF | — |
|
923,455 SF | — |
|
8.02% | Lower by 122 basis points |
|
$5.34 | Higher by 5.12% |
Charleston flex/R&D statistics
| Change from Q2 2018 | ||
|
323,021 SF | — |
|
7.07% | Lower by 205 basis points |
|
$9.59 | Higher by 6.20% |
Charleston manufacturing statistics
| Change from Q2 2018 | ||
|
77,900 SF | — |
|
6.87% | Lower by 82 basis points |
|
$3.29 | Lower by 9.62% |
Charleston warehouse statistics
| Change from Q2 2018 | ||
|
522,534 SF | — |
|
8.42% | Lower by 123 basis points |
|
$5.45 | Higher by 5.62% |
Retail market
Vacancy is low and rental rates are on a gradual incline. There are no new retail buildings added to the market this quarter and the activity has remained steady with positive absorption.
Market statistics
| Change from Q2 2018 | ||
|
14,324,036 SF | — |
|
52,408 SF | — |
|
5.38% | Lower by 36 basis points |
|
$20.43 | Higher by 2.71% |
Charleston core statistics
| Change from Q2 2018 | ||
|
7,335 SF | — |
|
3.98% | Lower by 9 basis points |
|
$20.74 | Higher by 4.22% |
Charleston non-core statistics
| Change from Q2 2018 | ||
|
45,073 SF | — |
|
6.94% | Lower by 67 basis points |
|
$20.27 | Higher by 1.96% |
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.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn.
