Colliers Report: Lower North Charleston is becoming a hot spot
April 14, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 Charleston Office
Market Highlights
Rising costs for tenant upfits and new construction are forcing rental rates upward. Office rental rates on the peninsula are often pushed higher than tenants are willing to pay; therefore, they are choosing to locate to other areas where the rates are lower with free parking as an additional amenity. For these reasons, Class A buildings are being built and repurposed in the Lower North Charleston submarket.
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Key Takeaways
- Tenants are choosing suburban offices due to lower prices and free parking
- Lower North Charleston’s office submarket is posting positive absorption while adding new space
Since the fourth quarter of 2020, there have been 214,500 square feet of office buildings larger than 20,000 square feet added to the Lower North Charleston market while the net annual absorption was 118,803 square feet. Posting positive net absorption while adding new office buildings is a testament to the strength of the submarket.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn
