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
  • 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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