Colliers Report: Office submarkets diverging in performance
October 9, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Charleston Retail
Market Highlights
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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Key Takeaways
- 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
Forecast
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.
About Colliers
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.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 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, Twitter @Colliers or LinkedIn.
