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  • Charleston Pauses But Continues To Be In Expansion Mode

Charleston Pauses But Continues To Be In Expansion Mode

January 11, 2016
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The Peninsula Submarket Faces a Depletion of Class A Office Space Motivating Tenants to Lock in Current Long-Term Pricing

Charleston, SC, Jan. 11, 2016— CBRE Research has released the latest data on the office commercial real estate sector in the Charleston market. The fourth quarter of 2015 represented a slight pause in growth but it does not affect Charleston’s status as a market in an aggressive expansion mode. In 2015, 350,000 sq. ft. was delivered to the marketplace, but vacancy only declined slightly by 30 basis points due to an annual absorption of over 400,000 sq. ft. Space in the Peninsula submarket is sorely needed.

Asking rates increased 6% from this time last year, continuing to make them among the highest in the Southeast. Further, as rates for existing properties are nearing those required to justify new construction, opportunities exist for tenants to pre-lease space in newly  proposed developments.

The following are highlights of each report.
 

Office

  • CertusBank’s departure delivers needed vacancy to Peninsula submarket
  • Speculation in suburban market adds more availability to the market
  • Charleston is still the most expensive office market in the Southeast, with the exception of Miami
For more information, click here for Q4 2015 Charleston Office MarketView.
  
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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