The only constant in the Charleston medical office market is change. Growth and improvement continue in each of the four major sub-markets. At year-end 2003 we reported approximately 240,000 square feet of proposed medical product. With about 50,000 square feet of that number now on-line, construction of expansion and speculative medical space continues to increase. Overall occupancy for the Charleston area was strong at year-end 2003 and remains at 93.4%, as this new product is absorbed in the market.
Though overall lower rental rates and a slightly higher vacancy rate have remained, the market surrounding Trident Hospital foresees future growth. A limited number of sites for the user-owned smaller practices on Medial Plaza Drive and Medcom and Tricon Streets will force growth further east and across University Boulevard. Trident Hospital is currently in the process of renovating certain areas of the hospital facility, in anticipation of inevitable growth in the near future. The area should see a new 40,000 sf medical condominium project across University Boulevard come out of the ground within the next six to nine months.
Download the full report
For more information, including the market summary statistics, download the full research report.Download report