Charleston Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.93 2023 Avg. Asking Rent
  • 0.04% Y-o-Y Avg. Asking Rent Change
  • 27.29% 2023 Office Vacancy Rate

Charleston office price per square foot in 2023 was $34.93 on average. This marked a +0.04% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.29% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Charleston Class A & A+ Office Space$36.27
  • Charleston Class B Office Space$32.01
  • South Carolina Class A & A+ Office Space$29.25
  • South Carolina Class B Office Space$23.44
  • South Carolina Class C Office Space$25.64

Charleston, SC Office Asking Rents by Class

2023 Office Vacancy Rates in Charleston

Submarket Asking Rents Vacancy Rates
Charleston - North Central $36.56 75.28%
Charleston - Downtown $34.90 14.16%
Charleston - Northeast $33.39 66.81%
Mount Pleasant $30.48 16.80%
Charleston - West $27.08 12.13%
North Charleston $25.45 18.58%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Charleston market was 27.29% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Charleston was 12.13% in the Charleston - West submarket, while the highest office vacancy in the market was 75.28%, recorded in Charleston - North Central.

Office Spaces for Rent in South Carolina

Coworking Spaces in South Carolina

2023 Office Construction in Charleston, SC

  • Charleston, SC Total SF completed in 2023 53,219

During 2023, 53,219 square feet of new office space were delivered across the market. At the close of 2023, the Charleston office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 53,219 square feet of office space.

Largest Office Properties Recently Completed in Charleston
Office building Address SF Completed
Morrison Yard - 850 Morrison Drive 850 Morrison Drive, 29403 146,588 2022
The Morris 1080 Morrison Drive, 29403 115,000 2022
The Quin 1940 Algonquin Road, 29405 128,221 2021
The Quin 1940 Algonquin Rd, 29405 110,000 2021
22 Westedge 22 Westedge St, 29403 154,998 2020
1640 Meeting Street 1640 Meeting Street, 29405 45,000 2020
22 WestEdge 22 WestEdge Drive, 29403 153,000 2019
83 Mary St 83 Mary St, 29403 8,317 2019
297 Seven Farms Drive 297 Seven Farms Drive, 29492 3,148 2019
297 Seven Farms Drive 297 Seven Farms Drive, 29492 3,148 2019

Worth noting among recent office completions on the Charleston market is Morrison Yard - 850 Morrison Drive, which is currently the largest new office development in the city, at 146,588 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Charleston commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.