Charleston office market poised for sustained growth
- Charleston’s office market is positioned for continued growth and improvement throughout 2019 - vacancy will tighten as tenants compete for available space, until new product is delivered.
- Suburban submarkets are rapidly growing and gaining new office development.
- There are currently 832,819 square feet of office buildings under construction or renovation within the Charleston office market.
Upper Peninsula activity booms
Charleston is a flourishing city throughout; however, the Upper Peninsula is becoming the most desirable spot to locate. This area has several charming restaurants with unique menus and eclectic patio spaces to dine. Unique industrial architecture creates a state-of-the-art business atmosphere for several tech companies located in the area. In addition to the Upper Peninsula’s entertainment, commuters find it advantageous as a work location because it is closer to the Ravenel Bridge. It is no surprise many within the Charleston business community are following suit and desire an office location within the area.
In an effort to meet the intense demand for office space within the Upper Peninsula, several developments are underway. Land prices are currently high and building is often cost prohibitive; therefore, owners are creative with office development, converting warehouses into modern office buildings. Industrial-to-office redevelopment aligns well with the industrial architecture throughout the region. The Lumberyard is a 60,000-square-foot, former warehouse, currently under renovation on Summerville Avenue off of the King Street extension. When completed, it will be a multi-tenant facility with a high-tech atmosphere and comfortable outdoor space to enjoy. Charleston Tech Center is under construction along Morrison Drive and, upon completion, will be a cutting-edge, six-story office building designed for numerous tech firm tenants.
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