Commercial Real Estate Research & Forecast Report
Q3 2023 Charleston Retail
Charleston as a whole experienced a robust third quarter while performance and demand varied by submarket. Downtown Charleston, Daniel Island and Mount Pleasant lead with the highest rental rates of $39.07, $35.41 and $28.62 per square foot, respectively, because of their walkability and amenity mixes.
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- Demand continues to be significantly influenced by quality amenities and ease of access
- Vacancy rates maintained consistent decrease
- Absorption matched the pace of new deliveries in the second and third quarters
In contrast, the smaller total inventory, easy access and ample parking of the Summerville/Goose Creek and West Ashley submarkets yielded the lowest vacancy rates of 4.83% and 10.66%, respectively. Charleston in this respect may continue to benefit from the range of office offerings available.
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 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 19 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.
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