2017 Q1 Office Charleston Report

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New Roads Spur New Office Development

Key Takeaways

  • Road improvements surrounding the Charleston International Airport and Boeing will spur new speculative office development.
  • A wave of speculative construction is underway.

New Roads Bring New Opportunities

The area bound by the Ashley and Cooper Rivers, Ashley Phosphate Road and Interstate 526 has the bulk of the region’s major employers, several cultural attractions and the Charleston International Airport. It also represents nearly 40% of the area’s total office market inventory. The new Airport Connector Road Project at Montague Avenue, a new interchange and the repurposing of International Boulevard will create new opportunities in the suburban office market by improving access and visibility to the few remaining developable office sites in the area.

Traffic in this area is increasing, with the growth of the regional economy and employers in the submarket. Airport traffic has grown substantially in Charleston over the past 10 years, with arrivals at the Charleston Airport reaching 1.9 million people, twice the number from ten years earlier. Major employers such as Joint Base Charleston (22,000 employees), Boeing (8,000 employees) Charleston County Government and South Carolina Ports Authority all have operations along this segment of I-526. Employment at Boeing has increased by 21.2% since 2014, and they have several hundred acres of land around their campus reserved for future expansions. Other major employers in the submarket include Robert Bosch (1,800 employees) and Verizon Wireless (1,200 employees). Also on the I-526 corridor are the 358,000-square-foot Tanger Outlets, the Charleston Area Convention Center and Coliseum and more than 3,000 hotel rooms.

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Charleston office report

2017 Q1 Office Charleston Report

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