The Corner Office V2 2023 12.20.23 - Flipbook - Page 8
CHARLESTON VS. PRIMARY MARKETS
Emerging Cities Are Competing With The Heavyweights
In a striking contrast to prevailing national trends, Charleston stands out. This distinction is particularly
evident when examining Net Absorption 昀椀gures – a critical measure of market health. Compared to
its primary market counterparts, Charleston boasts the only positive Net Absorption rate on the
Eastern Seaboard.
This divergence is more than just a statistical anomaly; it re昀氀ects a deeper shift in the dynamics of
of昀椀ce real estate, exacerbated by the rise of remote work and challenging economic conditions.
Major metropolitan areas have been noticeably affected by these changes, experiencing reduced
demand for of昀椀ce space as businesses adapt to a new operational paradigm. The transition to remote
and hybrid work models has led to a re-evaluation of the necessity and functionality of physical of昀椀ce
spaces, particularly in densely populated urban centers.
Q4 2023 OFFICE STATS
PHILADELPHIA
PENNSYLVANIA
Inventory
Vacancy Percent
YTD Net Absorption
Asking rate PSF
284,813,263
12.3%
(1,578,979)
$29.19
CHARLOTTE
NORTH CAROLINA
Inventory
Vacancy Percent
YTD Net Absorption
Asking rate PSF
118,445,943
14.5%
(1,660,306)
$33.49
ATLANTA
GEORGIA
Inventory
Vacancy Percent
YTD Net Absorption
Asking rate PSF
288,532,160
16.8%
(3,412,097)
$29.49
PAGE 8 | THE CORNER OFFICE | 2023 VOL. 2
