Office Market

office activity holding strong In 2023

The office market continues to experience ups and downs similar to the rest of the nation. The recent softness in the tech and fi nance sector has had an impact. Vacancy rate has ticked up to 7.8% but sits below the national benchmark of 8.0%. Charleston’s major employers such as Blackbaud and TELUS International announced layoffs. Available sublet space has reached a new high of 530,000 SF. Construction has been steady. Few projects are about to wrap up. The 115,000 SF Morris and the 135,000 SF Morrison Yard are near completion. The mass redevelopment of Navy Yard Storehouses on the former Navy base is underway.
*Statistics Below represent Building over 1,000 SF, not including under construction.
Lee and Associates - Charleston, SC|Office

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