Colliers Report: Renovation to re-class offices is a trend in Charleston
October 3, 2022
Commercial Real Estate Research & Forecast Report
Q3 2022 Charleston Office
Market Highlights
In response to the flight-to-quality trend and the desire to be in Charleston suburban office space, a trend to renovate and update offices to Class A quality is popular. There are several examples of these renovations to re-class space within the Charleston market.
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Key Takeaways
- Preference for quality boosts renovation trend
- There is currently 446,985 square feet of office space under construction in the Charleston market
- Quarter-over-quarter vacancy rates continue to decrease as rental rates rise
Charleston Office Market
The overall Charleston vacancy is now on a decline following deliveries last year. The market posted 183,291 square feet of absorption this quarter dropping the overall vacancy rate to 17.39%. One 36,400-square-foot building completed construction in the Mount Pleasant submarket.
About Colliers
Colliers | South Carolina has over 145 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 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 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.
