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…
The former Albemarle School in West Ashley has been converted to 20 office spaces and is already fully leased. Charleston attorney John Hagerty bought the 25,000 square foot property in 2015 for $1.4 million and immediately started a renovation for an additional $1.6 million. The newly refurbished office building is now called the Schoolhouse. The Parks Conservancy has leased 4,000 square feet of office space, on the backside of the building, which is adjacent to the Parks Conservancy’s 3 1/2acre…
Most workers spend their days staring at a laptop screen, only briefly taking their eyes away from the screen to take a quick break. Careful planning can improve the aesthetics of the workspace, and improve the employee’s ability to engage with coworkers when it is time to break from the virtual world. Design spaces to help people connect When designing or renovating a new office, identifying how the space will be used by employees and what activities need to be…
Office properties in central business districts (CBD) are outperforming those in typical single-use suburban office areas, according to recent trends examined by the NAIOP Research Foundation. Well-designed mixed use infill projects near central business districts are attracting companies and young educated workers. Bakery Square near downtown Pittsburgh is an example of a successful mixed use redevelopment on six acres of a former Nabisco factory. Tenants of Bakery Square include Google, university medical staff, upscale retailers, and a hotel with a…
More than 3000 attendees from the ShopTalk conference came to talk about the health of retail shopping in response to recent declining quarterly sales by a number of box stores, including Macy’s, Target, and Kohl’s. These stores are seeing the need to cater to online shoppers and those individuals looking for deals at discount shopping outlets. Some analysts speculated that Amazon could supplant Macy’s during the next year as the lead seller of apparel and other goods. Steve Lowy, co-CEO…
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