Is the glass half full or half empty? On the one hand, we must consider that we are living in a robust economy, with great gains in the real estate industry. On the other hand, we must recognize the fragility of the times, with continued unrest in the Middle East, skittish stock market reactions, high rates of personal bankruptcies and a sure to be heated presidential election campaign. For the Greater Charleston Office Market, the glass seems half full, with lowered vacancies, strong tenant and buyer activity, solid investment acquisitions and announcements of planned speculative development.
Abounding with strong tenant and buyer activity, great amenities and high barriers for new development, downtown Charleston is the classic submarket with which to be associated. Vacancy among existing buildings will continue to shrink and rental rates will rise as limited new product is developed. In addition to the 100 Calhoun Street office building, projects should break ground and get underway at Charleston Gateway Center and at the intersection of Meeting and Wentworth Streets, effectively adding an approximate 120,000 square feet to the Class “A” inventory. Much of the space being developed has commitments from prospective users.
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