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Market Report

Charleston Office Market Report

4Q 2023

Headcounts Among Firms that Traditionally
Use Offices are up, Fueling Space Needs 

Demand outperformed nationally. From January 2020 to June 2023, the job tally for firms in sectors that are typically heavy office users grew by 23 percent in Charleston, tripling the prior three and a half-year period. Despite the continued impact of hybrid and remote work, this hiring contributed to more than 1 million square feet of office space being absorbed on net — a feat only matched by six other major markets in the span. Each of those six other metros have at least twice as much stock as Charleston, alluding to the growing need for new local builds. Still, hiring from traditionally office-using companies has slowed, with high inflation making it challenging to relocate personnel. As of September, over 40 percent of 2023’s deliveries were slated to come online without a tenant. Some operators with higher vacancies may adjust asking rates to better compete with new supply, flattening metrowide rent growth in the near-term.

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