2Q24: Charleston MSA Office Snapshot

Charleston Office Market Update – 2Q24
The Charleston office market shows continued stability with a slight drop in vacancy rates and a modest increase in average rental rates to $32.11 per square foot. Demand remains high, with approximately 158,000 square feet under construction, notably in Dorchester and East Islands/Mt. Pleasant areas. While Downtown Charleston has an 8.4% vacancy rate, suburban markets like Daniel Island face significantly higher vacancies, reaching 29.7%. Looking forward, Charleston’s strong economic fundamentals are expected to bolster office activity as companies focus on 2025 planning.