Blog Archives

CHS Q2 2014 Office Market Update

Colliers International’s 2nd Quarter office market report is out and available here.  Highlights:

– Vacancy rates declined to 10.45% at the end of the second quarter of 2014 from the first quarter vacancy rate of 11.12% and will continue to decrease throughout 2014.
– Class A asking rental rates averaged $27.20 per square foot full service for the market.
– Average asking rental rates increased to $20.33 per square foot full service for the market.
– With vacancy rates trending downward, speculative development is necessary for future growth.

CHS YE2013 Retail Market Report Out – 6.0% Vacancy and Increasing Rents

The Charleston retail market continued to improve since mid-year 2013 with increased occupancy rates and new construction. National tenants are showing a greater interest in Charleston. Bass Pro Shops, Southern Season, H&M, Chipotle and Madewell all opened stores or announced plans to locate to the market.

See the entire market report here from our retail landlord services team of John Orr, CCIM, and Elyse Chubb.

CHS Industrial Market Continues To Improve

The Charleston industrial market experienced additional improvement during fourth quarter, continuing a trend of declining vacancy that began in 2012. At the end of 2013, the vacancy rate fell to 8.4% from 9.5% the previous quarter and from 10.9% a year ago. Existing product larger than 75,000 SF is almost completely absorbed. Net absorption for the quarter was 384,053 SF and for the year was 1,141,422 SF.

Leasing activity in smaller facilities continued its strong pace as trade suppliers expand and new ones moved to the area. As supply has tightened with decreasing vacancy, average lease rates increased during 2013 and should continue to rise. Construction costs are rising nearly 15% year-over-year for steel and other key items. Fourth quarter’s lease activity was characterized by a large number of leases in the 25,000 SF – 75,000 SF range and one larger lease, Husqvarna leasing 450,000 SF at 1116 Newton Way in Summerville. Yet the total net absorption was very strong compared to the previous several quarters.  See the link above for the full report.

Transforming an old inn into The Vendue

Downtown CHS’ former Vendue Inn is being transformed into The Vendue, an art-centered boutique hotel. Abigail Darlington of The Post and Courier has the story.

Groundbreaking For Grand Bohemian Hotel in Downtown CHS

The Grand Bohemian, a 50-room boutique hotel in downtown Charleston, had its groundbreaking recently. Our friends at SCRENEWS have the story.

Boeing to Open Up Competition for Sites for 777X Production

The Charleston Regional Business Journal reports that Boeing will open the process for competition and pursue all options for the 777X production site.

Former Piggly Wiggly stores to reopen as Bi-Lo on Friday

Boeing Expands Again in Charleston

New jet propulsion plant breaks ground in Charleston.  See the full article compliments of the Post-Courier: 

Corner at Wescott Retail Development Adds Tenants

Warren Wise of The Post and Courier reports on the addition of some 16 new tenants at the new HarrisTeeter anchored center on Dorchester Road in North Charleston, the Corner at Wescott.

Top Charleston Commercial Real Estate Stories of 2011