Colliers Report: Recovery from recession accelerated
January 10, 2022
Commercial Real Estate Research & Forecast Report
Q4 2021 Charleston Office
Market Highlights
The recovery from the COVID recession in the office market accelerated in the fourth quarter of 2021 with 187,829 square feet absorbed. Demand in the market was so strong that 406,459 square feet were absorbed the last year while 441,000 square feet of new space was delivered. Overall rental rates increased nearly $.50 a square foot over the year and vacancy fell from 18.5% to 19.9% in the second quarter.
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Key Takeaways
- The market is recovering quickly from the recession
- Tenants are moving to better quality spaces to attract and retain talent
- More staff are beginning to return to the office to work
Several things contributed to the positive activity over the last year. Charleston’s regional economy remains exceptionally strong with 5.62% annualized growth in gross domestic product. This has attracted nearly 35 new residents a day to the region and fueled a subsequent expansion of businesses to serve them.
