Charleston Retail Market Report
Charleston Rides Recovery Wave into 2023,
Though Headwinds are Challenging Gains
Leasing trends bolster notable rent growth. Over the two-year period ending in March, Charleston registered vacancy compression of 130 basis points to a rate of 3.5 percent. This considerable improvement was supported by single-tenant demand, which boasted net absorption of more than 775,000 square feet during that same span. The decline in available space helped push segment rent growth to 15 percent year-over-year in March, the fastest among all major U.S. markets. The Downtown Charleston and East Islands-Mt Pleasant submarkets played notable roles in this momentum as residential growth continues to drive local commerce, with these areas accounting for one-third of occupied apartment stock across the market.