Suburban offices draw new tenants
- As new construction is delivered to the market, vacancy rates and rental rates are expected to rise.
- The demand in the suburban submarkets is strong due to population growth within the region.
Commuters and new residents fill jobs
As the Charleston region’s business climate thrives, new jobs are being created faster than they can be filled. While the job creation pace is slower than it was one year ago, there are still 364,000 non-farm jobs in the Charleston Metropolitan Area. The Charleston labor force needs employees to fill these available jobs, because within the metro area 97.2% of the employable residents already have jobs. As the region continues to prosper, the new jobs will need to be filled by employees commuting into the Charleston Metro Area from the surrounding regions, or by people moving to the area. According to the Charleston Chamber of Commerce, the Charleston Metro Area is growing by 38 people per day; while 10 of those are attributable to new births, 28 of them are new residents and possible employees moving to the area. In addition, Charleston is attractive to out-of-town people due to the city receiving high accolades, including being named by Milken #16 in the “Top 25 Best Performing Large Cities - where America’s jobs are created and sustained”. In addition Charleston was acclaimed for strong performance in both the five- and one-year high-tech GDP growth (ranked #12 and #5, respectively). All of these factors will draw both commuters and out-of-town prospects to the Charleston Metropolitan Area in order to fill jobs.
The Charleston office market is comprised of 13,510,054 square feet in 389 office buildings within seven Charleston submarkets. Two new office buildings were delivered to the market this quarter, adding 117,714 square feet to the market.
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