North Charleston office submarket shows promising growth for 2024
![graph of Charleston office submarkets average asking rent and rent growth since 2020 with North Charleston leading in growth](/documents/35486/96633304/Charleston+Data+Bite+1.24.24.jpg/0a3b9ccc-bd90-fc09-704b-e59e5293ab50?t=1706742362238)
- Over the past three years, Charleston’s average asking office rent has increased by 16%. Rates have steadily grown from $28.50 in 2020 to $30.24 by the end of 2023. Additionally, some submarkets have seen more significant growth than others.
- The North Charleston submarket has experienced the most substantial rent growth, with a 23% increase since 2020. Due to new trophy office developments, such as The Morris, average asking rents in the submarket have soared to $31.21.
- Most of the inventory in the West Suburbs was built prior to 2010. This could be the reason why this submarket is the only one to experience a slowdown in the average asking rent over the past three years, with rents decreasing by 8%.
January 31, 2024
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