At some point, every business owner has to consider new office space for their company. Whether you’ve outgrown your current space, are moving in a different direction and need something different, or are a startup that wants to display a more professional presence, new office spaces are just part of the typical business lifecycle. But just because moving into a new space is normal, that doesn’t mean you shouldn’t give it some thought. When you look for office space, you…
The past year has been anything but ordinary for the country and the residents of South Carolina. But, that doesn’t mean progress has come to a halt. In fact, many new projects have been announced in the past year, including some exciting commercial space expansions. One such project in the downtown Charleston area is well underway. Office & Retail Project in Progress – 741 Meeting Street A project at 741 Meeting Street has broken ground and will bring plenty of new commercial…
The space in which employees work and spend their time can have a significant impact on their emotional wellbeing, even going so far as to affect their outlook on life and their productivity. As an employer who’s seeking to maximize productivity and employ a happy workforce, office space layout isn’t something that should be overlooked. Consider the following about the relationships between space and layout and productivity, health, and happiness. Poor Conditions Lead to Unhappier, Less Productive Employees Time and…
The millennial generation comprises up to one-third of the world’s population of employees and is the largest demographic of workers in the U.S. labor market. This new generation of office workers have unique sensibilities and values, and office design is increasing reflecting these values across the globe. Office Space Layouts are Changing The dense cubicles typical of corporate office space during the last 50 years are now being replaced with new innovative floor space. The cubicle cells are often associated by…
As demand for new construction continues to grow in the Charleston market, vacancy rates continue to rise according to Colliers International Research & Forecast Q4 2018 Report. The expectation is that the vacancy rate will continue this trend into the first few quarters of 2019. This vacancy rate is on the rise primarily due to 11 new office buildings delivered in 2018 that totaled 433,024 square feet of new construction. The Charleston office market has a total of 13,185,388 square…
The growth in the number of people who live and work in the Charleston area have increased demand for office space according to research done by Marcus & Millichap, a California-based commercial real estate brokerage and research company. New business headquarters and centers are interested in renting office space in Charleston as a result of increased employment and population gains in the Lowcountry. Charleston increased total employment by 1.5 percent since last year with 5,200 new jobs created. “The unemployment…
More and more businesses from startups to established companies are using flexible office space for their employees to provide a lower cost alternative and more user-friendly space to the traditional office setting. Building owners are increasingly embracing the concept of flexible office space and leaving behind preconceived views on leasing office space. They are becoming curators of building community and facilitating workplace experiences. “For owners, dealing with small tenants has never been something that you wanted to focus on,” said…
Online shopping continues to transform retail, and is reshaping the real estate market as well. Retailers used to house merchandise in department stores with many floors above the street level, and in most cases had buildings without office space. Now there is a shift, evidenced by real estate investors seeking to have a more mixed-used space. In Manhattan, this trend to edge out retail for office space is becoming more prevalent. Normandy Real Estate recently invested $133 million to convert…
The vacancy rates in Charleston and surrounding markets are historically low, and will continue as a result of on going tight market conditions. The vacancy rate at the end of the third quarter of 2017 went down from 7.9 percent to 7.4 percent, according to the latest Collier International Research & Forecast Report for the Charleston region. As a result, rental rates since 2016 have increased by 14.3 percent from $23.55 per square foot to $26.92 per square foot in…
Summerville is set to experience a rapid growth in office buildings in the Charleston region. The latest analysis from Colliers International Research and Forecast Report states there are several key factors which make the area ripe for growth in office space: The Summerville submarket has an established residential growth market. There is a large supply of residential land available in highly sought after public school districts, which will spur further residential growth. The area already has 2.5 million square feet…
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