The Greater Charleston Medical Office Market is divided into four major sub-markets, each of which are driven by population. The four sub-markets in Greater Charleston include Downtown Charleston, North Charleston, West Ashley and East Cooper including Daniel Island. Three major health systems and several hospitals are located within the four sub-markets. Downtown Charleston is comprised of the Medical University of South Carolina, Charleston County Hospital, Roper St. Francis, Ralph H. Johnson VA Hospital and Kindred Hospital. The North Charleston sub-market includes Trident Medical Center owned by Trident Healthcare, HealthSouth and the Charleston Naval Hospital. In the West Ashley sub-market, Bon Secours St. Francis relocated from Downtown Charleston in 1998 and is already expanding. East Cooper contains East Cooper Regional Medical Center owned by Tenet HealthSystem, Roper’s Mt. Pleasant Medical Center on Longpoint Road and Daniel Island Medical Center owned by Trident Health System. As overall population grows throughout Charleston, growth of medical office is occurring in each sub-market.
Beginning in the second quarter of 2003, Colliers Keenan began canvassing each single user and multi-tenant medical office building (MOB) in the Greater Charleston area, as well as multi-tenant office buildings which house medical practices and are in close vicinity to medical complexes and campuses. Through this canvassing and surveying, a base inventory was established for the market. Colliers Keenan identified approximately 1,742,405 square feet of medical office space within the four sub-markets. Vacancy among the properties canvassed and surveyed was 115,494 square feet, representing an overall medical office market vacancy rate of 6.6%. The Charleston medical office market has continued to grow as hospitals throughout the market, such as the Medical University of South Carolina, continue to expand. Dorchester and Berkeley counties, home to smaller segments of the medical office market, are not included in this survey but will be included in the 2004 Mid-Year Medical Office Market Report to be completed in July.
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