Colliers Report: Tenants Pursuing Class A Buildings in Walkable, Viable Communities
July 6, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Charleston Retail
Market Highlights
Nationwide, tenants are upgrading into the most appealing office environments in an effort to attract and retain their staff. This is driving rental increases and lowering vacancy in Class A buildings which are highly amenitized and located within either organic or purpose-built, mixed-use environments like the traditional Central Business District (CBD), Daniel Island, NoMo, Park Circle and Nexton.
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Key Takeaways
- Tenants want Class A properties in walkable environments
- Vacancy rates have declined for seven consecutive quarters
- Rental rates are historically high and will move much higher
Forecast
Vacancy in Charleston is on a steady decline which started during the third quarter of 2021. Deliveries will cease later this year causing vacancy to decline faster.
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 18 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.
