In the past few years, Charleston has been observing a pattern in Net Absorption changes, specifically between Quarter 2 and Quarter 3 of each year. Even prior to the pandemic recession, the net absorption decreased by up to 300,000 SF. The demand for office space is still strong as inventory and rent continue to increase consistently. Like an academic calendar, the summer months may be a period of transition. Businesses relax and plan for what is to come in the fall. This brings curiosity to the commercial real estate world as to what those businesses are thinking. Are they looking to move out of or move within the market? Are they searching and waiting for the next Class A buildings? Are they downsizing as companies allow employees to work remotely? Overall, the office market questions if this pattern will hold.
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