Colliers Report: Shuffling the tenant deck – where will they end up?
October 5, 2021
Commercial Real Estate Research & Forecast Report
Q3 2021 Charleston Office
Market Highlights
There is a new office location emerging in the Charleston Central Business District, North of Calhoun Street referred to as the Upper Peninsula. During 2021 there have been five new office buildings delivered totaling 384,000 square feet. In addition, there are four properties expected to deliver by the end of 2022. Three totaling 276,000 square feet are currently under construction and one 90,000 square-foot office is proposed.
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Key Takeaways
- Will tenants relocate to the Upper Peninsula or will they remain and renew?
- Sublease space is being absorbed, a positive sign of resiliency after the temporary downturn of office activity
- Office vacancy rates are on the decline after hitting a peak last quarter
- Rental rates continue to rise
The question is, will established downtown tenants change their business model and relocate to a revitalized area with new office buildings in the Upper Peninsula, or will they renew and retain their current location and status?
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About Colliers
Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2020 brokerage volume exceeded $533 million, which included over 456 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 | South Carolina’s staff hold 49 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.
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.
