August 03, 2017 - 2Q17 Charleston Office Market Overview

CHARLESTON, SC (August 3, 2017) Office inventory in the Charleston MSA amounted to ±30 million square feet (SF) in ±3,076 buildings at the end of the second quarter.



Five office buildings totaling ±80,051 SF were delivered to the market; most notably the ±21,902 SF “live/work” building at 80 Calhoun Street.



±713,917 SF of office space remains under construction, including a ±105,000 SF facility at 4401 Leeds Avenue in North Charleston and Blackbaud’s ±172,000 SF campus building on Daniel Island.



The largest lease signing was ±19,809 SF by the Southeastern Institute at Aviation Business Park in North Charleston.



“Predictably, key metrics on the Charleston office market continue to trend in a bullish direction,” said Scott Peevy, broker at NAI Avant. “Rental rates are gradually rising and vacancy is creeping down; both of which support the rather large amount of new office product in the pipeline. This development boom is unprecedented in our city, so we will be keeping an eye on how quickly the new product is absorbed in the coming year, and its effect on rental and vacancy rates of existing product.”



For more information, contact Scott Peevy at +1 (843) 518 5316 or speevy@naiavant.com.



 



About NAI Avant



NAI Avant's commercial real estate business is one of the largest in the Southeast.  With over 65 professionals, the firm provides comprehensive brokerage, leasing, development, property and project management services.  For nearly three consecutive decades, the group has had more of its brokerage professionals recognized as top producers or recipients of the top awards than any other firm in South Carolina. As a member of the NAI Global Network, NAI Avant is affiliated with more than 400 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 7,000 local market professionals, managing over 425 million square feet of property. NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms and is a wholly owned subsidiary of C-III Capital partners.  NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. NAI Avant’s Property and Project Management Group currently manages a multi-million square foot portfolio of properties across South Carolina, North Carolina, and Georgia. Through its Avant Healthcare Division, the firm provides comprehensive services to hospitals, clinics, and physician groups. NAI Avant, founded in 1966, is headquartered in Columbia, SC with an office in Charleston, SC. Find out more about NAI Avant and its services at www.naiavant.com. Be sure to follow us on Twitter @NAIAvant and like us on Facebook.



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Contact: David Grubbs, Managing Principal, Charleston Office, 843-720-4944, or dgrubbs@naiavant.com


The following documents have been attached to this article:
      2Q17_Office_Snap_Shot.pdf

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Columbia

807 Gervais Street, Suite 301
Columbia SC 29201
United States

Tel (803) 254 0100

Charleston

145 King Street, Suite 410
Charleston SC 29401
United States

Tel (843) 720 4944


807 Gervais Street, Suite 301, Columbia, SC 29201
145 King Street, Suite 410, Charleston, SC 29401