Construction on the Rise Despite Changing Healthcare

Key Takeaways

  • The Charleston, SC medical office market ended the first half of 2014 with a vacancy rate of 5.11%.
  • Overall asking rental rates averaged $24.16 per square full service at mid-year 2014.
  • Construction on the rise.
  • South Carolina health systems create partnership.

Current Conditions

The occupancy rate was 94.9% at mid-year 2014 for the Charleston, SC medical office market and asking rental rates averaged $24.16 per square foot.  With a growing population and the decline of available space, construction is on the rise throughout the market.

Palmetto Health and Wellness plans to break ground on a 50 acre medical campus at Nexton in Summerville.  The campus will be built in two phases.  Phase 1 is projected to cost $135 million and consist of a 150,000 square foot Class A medical office building.  The building is 100% committed by independent physicians.  The second phase will include a memory care center, cancer center, hospice, among other features.  The campus will offer an integrated health system to allow increased efficiency and quality service for patients.  Nexton, South Carolina’s first gigabit community using fiber optic internet service will allow online records to be updated quickly.   

Roper St. Francis plans to open a new 60,000 square foot medical office in Berkeley County by the end of 2015.  The facility will be located on 90 acres owned by Roper St. Francis near the intersection of US Highway 176 and 17A.  The $30 million facility will offer outpatient services including diagnostic imaging, urgent care and oncology services.  
Trident Health’s new urgent care center is under construction in North Charleston.  The 12,300 square foot facility is anticipated to complete by year-end 2014.  The $10 million facility will offer 24/7 care, 12 private patient care rooms, and an emergency department offering CT scans, x-rays and lab work.

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