The Corner Office V1 2023 FINAL - Flipbook - Page 8
NATIONAL VS. CHARLESTON
NATIONAL vs. CHARLESTON
A TALE OF TWO MARKETS: HOW CHARLESTON’S OFFICE
MARKET DEFIES NATIONAL TRENDS
The Charleston commercial real estate
office market stands as a shining example
of resilience and dynamism in contrast to
the broader U.S. office market. Nationally,
the office market has faced challenges due
to changing work trends, such as remote
working, and economic uncertainties
like increasing interest rates and skyhigh inflation. However, Charleston has
managed to buck the trend.
One of the primary factors contributing
to Charleston’s resilient office market
is its unique blend of lifestyle, culture,
and economic opportunities. The city
is attractive to both businesses and
individuals, with a burgeoning tech sector
and a lively historical downtown area.
While almost every major indicator has
looked gloomy nationwide, Charleston’s
figures look a bit more promising, and
we’ve seen significant activity in office,
particularly in the tech and healthcare
sectors. The city’s lower operating costs
compared to major metros and the quality
of life have led businesses to either relocate
or expand.
* Source: Costar, 2023
PAGE 8 | THE CORNER OFFICE | 2023 VOL. 1
