Jan
20

Avison Young Releases Charleston Office Report

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avison young logoAll indications are that the Charleston Office Market will have favorable metrics in 2015. 4 of the 5 submarkets measured have lower vacancy rates compared to last quarter, with West Ashley being the only area to plateau. Market wide, the vacancy rate has dipped to a robust $10.1%. Growth in expected across the manufacturing, retail sales, tourism and construction sectors. Meanwhile, employment growth is strong throughout the region, particularly in the IT sector, which is driving up wages, and demand for office space. In the words of University of S.C. economist Joseph Von Nessen, “South Carolina’s economy hit its stride this year (2014), and we expect that trend to continue.” With employment being the primary stimulus of office properties, the results are sure to follow, and are already visible.

On the 4,000-acre master planned community of Daniel Island, 1 Central Island Plaza is under construction. It represents a 75,000 square foot addition to this burgeoning submarket, and follows closely behind the just completed 145,800 square foot expansion of software maker Benefitfocus, which is expanding its workforce by some 1,200 associates. Traditionally a tony residential coastal community, Daniel Island is quickly becoming a major employment center.

DOWNLOAD THE PDF REPORT HERE

 

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