查尔斯顿写字楼市场报告 ：2025年第一季度

Office market snapshot | Q1 2025 Charleston’s office market conditions continue to improve as we move into 2025, with overall availabilitysteadily declining and approaching pre-pandemic levels. Every submarket—except the western suburbs—hasoutperformed its Q4 availability numbers, while asking rents have risen and positive absorption persists.Although leasing activity is slightly down from the previous quarter, Charleston’s favorable economicconditions set a promising tone for the remainder of 2025. 1.9% Downtown Charleston's Trophyoffice buildings showcase anexceptionally low availability rate of1.9%. 0.6% The Charleston office marketwitnessed its third consecutivequarter of positive net absorption,measured as a percentage (%) ofinventory. Over the past three quarters, Charleston's office sector hasexperienced consistent positive net absorption as apercentage of total inventory. Notably, Q1 2025 recorded thehighest absorption increase in the past six quarters, driven byseveral large move-ins and a rise in market confidence. Downtown Charleston’s total availability currently averages9%, with Class A space slightly higher at 12%. However, thisfigure is expected to decline throughout 2025 as trophy spacebecomes increasingly scarce, presenting new opportunitiesfor Class A office assets on the peninsula. $6.97 The difference in base rent ($)between Trophy and Class A officeleases signed within the past yearin the Greater Charleston area. Charleston Office market snapshot | Q1 2025 Historical Q1 Leasing Activity Trends A quick note on availability Asking rents are rising Office availability in Charleston, both direct and sublet,is steadily declining. Direct availability has substantiallydeclined 520 basis point since the peak in 2021. Whilesublet availability has not yet returned to pre-pandemic levels, it has decreased by half a percentagepoint compared to this time last year, indicatingpositive momentum. Asking rents continue to rise, reaching $33.69 FS in thefirst quarter, representing a 5.68% increase from Q12024.While this is not the highest rate the market hasexperienced since the post-COVID period, it’s importantto consider the impact of trophy buildings delivered in2022, which temporarily skewed rents upward. Sincethen, these spaces have been successfully leased,demonstrating the strong value of the current rate of$33.69. Charleston’s office leasing activity had a slow start inearly 2025, following the typical first-quarter patternobserved after a strong year-end leasing period.Historically, the first quarter has consistently recordedlower leasing volumes compared to other quarters,reflecting a recurring trend in the Charleston market. Get in touch Charleston Bryse RannielloMarket Intelligence AnalystBryse.ranniello@avisonyoung.com Christopher Fraser, CCIMPrincipal & Regional Managing Director -Southern USChris.fraser@avisonyoung.com Office market snapshot | Q1 2025