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| 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.”
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| 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: lincolnharris.com/Research/Charleston.html
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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