2017 Q2 Office Charleston Report

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Summerville Office Submarket Awakens

Key Takeaways

  • The conditions are in place for the Summerville office market to grow rapidly.
  • Tenants are looking for twenty-first century office space.

Summerville is Poised to Capture Office Growth

The Summerville area has all the right preconditions to become the next hot office submarket in Charleston. First, the area is an established residential growth market. Next, it has a regionally unparalleled supply of entitled residential land in desirable public-school districts, guaranteeing future residential growth. Already, 2.5 million square feet of office space is entitled around the US 17 and Sheep Island/Nexton Parkway interchanges. Finally, it is in an area with many new and established manufacturing, warehouse and retail employers.

Office markets depend on workers, and Summerville is an established residential area. The three Summerville zip codes plus the Moncks Corner zip code represented 22% of the total metropolitan statistical area (MSA) population in 2010. In the last seven years, that same area has grown by 30,235 people, according to ESRI population estimates – an increase of 4,319 people per year. The bulk of the growth was in the two southernmost zip codes, 29483 and 29485, because those areas have desirable public schools and land available for residential growth (population change 2010-2017).

Going forward, the most rapid growth is expected to shift to the 29486 zip code because of three factors. First, the area is within the Cane Bay High School attendance zone of the Berkeley County School District. Second, it has many road improvements either underway or recently completed (US 17 widening, Sheep Island Interchange, Nexton Parkway), vastly improving transportation access to the area. Third, there are tens of thousands of entitled single family lots within master planned communities that have all the basic road and utility infrastructure in place.

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Charleston office report

2017 Q2 Office Charleston Report

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