Thursday, February 5, 2015

Lincoln Harris Releases Q4 2014 Charleston, South Carolina, Office and Industrial Reports

Mike Ferrer
CHARLESTON, SC (Feb. 5, 2015) — Charleston’s office and industrial real estate markets continued their ongoing improvement during fourth-quarter 2014, as the overall vacancy rate in both sectors declined.

Those are the findings of Lincoln Harris’ latest quarterly reports on the office and industrial markets in Charleston. 

The reports include market statistics, such as vacancy rates; total net absorption and average asking rents; recent investment sales; and signed lease transactions.

Charleston’s industrial market has started to see an uptick in leasing, with net absorption of 848,045 square feet in 2014 versus -670,165 square feet one year earlier. 

Vacancy declined during the fourth quarter by 50 basis points from the previous quarter to 7.8 percent.

“The industrial market has benefitted from the construction boom in Charleston,” said Mike Ferrer, CCIM, vice president of Lincoln Harris’ Charleston office. “Contractors, building suppliers and trades have made up a significant amount of the industrial demand in 2014 and will continue to do so into 2015.”

Rendering of Planned Courier Square, Charleston, SC
In the fourth quarter, one industrial building was delivered in the greater Charleston area — a 31,700-square-foot facility, located at 2094 Wambaw Creek Road.

 Donovan Marine Inc. is the owner and occupies 13,350 square feet in the new building, leaving 18,530 square feet available for leasing.

Charleston’s office market continued to tighten with 123,560 square feet of total net absorption during the fourth quarter. From the first quarter of 2013 to the fourth quarter of 2014, vacancy rates declined from 12.2 percent to 9 percent.

As for new construction, Evening Post Industries’ redevelopment of 12 acres around The Post and Courier’s downtown building is scheduled to break ground in early 2015.

The development – named Courier Square – will include 63,400 square feet of office space and 19,400 square feet of retail/office space on the ground floor, as well as 225 apartments. The development is scheduled for completion within 18 months.

“Technology start ups and incubators continue to drive development in the new ‘NoMo’ district on the Upper Peninsula,” Ferrer said.

For these reports and more, visit:
 For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

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