Charleston, SC – Colliers International in South Carolina has released a snapshot of its third quarter preliminary data for the office, industrial and retail markets in Charleston.

Office market

Charleston has a positive business climate, ripe for continued economic expansion. The office market absorbed 216,319 square feet, due to a high suburban absorption, and 199,832 square feet of new office buildings were delivered to the market this quarter.

Market statistics

    Change from Q2 2018
  • Market inventory:
13,129,152 SF --
  • Quarterly absorption:
216,393 SF --
  • Market vacancy rate:
12.05% Lower by 32 basis points
  • Average weighted rental rate:
$24.13 Higher by 1.60%

Charleston CBD statistics

    Change from Q2 2018
  • Quarterly absorption:
-5,413 SF --
  • Market vacancy rate:
7.06% Higher by 16 basis points
  • Average weighted rental rate:
$32.74 Lower by 3.42%

Charleston suburban statistics

    Change from Q2 2018
  • Quarterly absorption:
221,806 SF --
  • Market vacancy rate:
13.36% Lower by 48 basis points
  • Average weighted rental rate:
$22.80 Higher by 2.61%

Industrial market

New regulations regarding trucking Electronic Logging Devices (ELD) will make secondary markets desirable for locating distribution and manufacturing centers. Within the Charleston industrial market, vacancy is lower this quarter than it was in the second quarter. Rental rates are on the rise, as is the demand for industrial space.

Market statistics

    Change from Q2 2018
  • Market inventory:
51,432,261 SF --
  • Quarterly absorption:
923,455 SF --
  • Market vacancy rate:
8.02% Lower by 122 basis points
  • Average weighted rental rate:
$5.34 Higher by 5.12%

Charleston flex/R&D statistics

    Change from Q2 2018
  • Quarterly absorption:
323,021 SF --
  • Market vacancy rate:
7.07% Lower by 205 basis points
  • Average weighted rental rate:
$9.59 Higher by 6.20%

Charleston manufacturing statistics

    Change from Q2 2018
  • Quarterly absorption:
77,900 SF --
  • Market vacancy rate:
6.87% Lower by 82 basis points
  • Average weighted rental rate:
$3.29 Lower by 9.62%

Charleston warehouse statistics

    Change from Q2 2018
  • Quarterly absorption:
522,534 SF --
  • Market vacancy rate:
8.42% Lower by 123 basis points
  • Average weighted rental rate:
$5.45 Higher by 5.62%

Retail market

Vacancy is low and rental rates are on a gradual incline. There are no new retail buildings added to the market this quarter and the activity has remained steady with positive absorption.

Market statistics

    Change from Q2 2018
  • Market inventory:
14,324,036 SF --
  • Quarterly absorption:
52,408 SF --
  • Market vacancy rate:
5.38% Lower by 36 basis points
  • Average weighted rental rate:
$20.43 Higher by 2.71%

Charleston core statistics

    Change from Q2 2018
  • Quarterly absorption:
7,335 SF --
  • Market vacancy rate:
3.98% Lower by 9 basis points
  • Average weighted rental rate:
$20.74 Higher by 4.22%

Charleston non-core statistics

    Change from Q2 2018
  • Quarterly absorption:
45,073 SF --
  • Market vacancy rate:
6.94% Lower by 67 basis points
  • Average weighted rental rate:
$20.27 Higher by 1.96%

Full market reports will be provided in the coming weeks with extensive, final data and more analysis. To receive these reports automatically via email, sign up here.