Colliers Report: Location, amenities highlight tenant preferences
July 16, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Charleston Office
Market Highlights
Tenants from the Central Business District (CBD) are increasingly seeking to find spaces farther up the Charleston peninsula while seeking high-quality amenities, especially parking, as Charleston’s growth fuels a mix of expansion and new entrants to the market. Lower absorption and increased vacancy rates signify a market still in transition as a tech-heavy mix of tenants determine their future work plans, though overall market interest remains strong.
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Key Takeaways
- Performance remains mixed with vacancy decreasing and rents rising
- Amenities such as parking and walkability are top priorities for Class A tenants
- Long-term rates of tenant renewal will remain unclear for some time
Summary
Overall vacancy rates are high enough to support continued absorption with no new office construction in the pipeline as a lingering indicator of uncertainty in the national office market.
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 23 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 (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
