Limited construction funneling demand into existing office properties. Vacancy in Charleston is nearly half the national average, largely due to measured office development as local firms expanded. The largest concern to the local office market is three consecutive quarters of declining office-using employment. However, that trend is anticipated to reverse course prior to the end of this year, limiting any potential impact on operating fundamentals. Most of the job cuts were planned restructuring by large local employers and are not indicative of a greater weakness across the market. As a result, vacancy will tighten through the end of the year, facilitating the state’s strongest rent growth.