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Charleston office pipeline boosts 2021 office activity
Key Takeaways
- New developments will cause rental rates to flatten or fall
- Regional and local businesses are likely to boost positive absorption, while national companies are opting to work remotely
- Due to rising availabilities, tenants can be selective and landlords will be pressed to be creative to renew existing tenants
New development throughout the Charleston office market will renew interest from out-of-market occupiers, but rising availabilities will allow tenants to be selective. In addition, despite national corporate companies downsizing and opting to work remotely, regional and local businesses are returning to the workplace thereby boosting the demand for office product. Rising demand is forcing supply owners to get creative with existing buildings to renew leases. Absorption was positive during the first quarter of 2021 with the Upper North Charleston submarket posting 85,096 square feet of absorption, the highest amount in the Charleston market.
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