Charleston’s commercial real estate market has become an ideal place for those looking for a place to house their startup business or an existing business looking to expand. Of course, there are many options for businesses in the southeast and throughout the country. But here are just five reasons why Charleston’s commercial real estate market is thriving.
1. Changes in Shopping Habits
According to estimates from CRBE, roughly 9.69 million square feet of speculative and build-to-suit industrial property is under construction in the Charleston area. Last year, about 3.5 million square feet were absorbed, and occupancy rates dropped below 2 percent.
Much of the new development is in distribution and warehousing, which is driven by changes in shopping habits over the past several years. As more and more consumers turn to online shopping (eCommerce), there will be a greater need for these large logistics operations.
2. Office Market Recovery
The office market took a hit during the COVID-19 pandemic as more businesses opted for remote work. But, over the past year, it has shown signs of rapid recovery. As more workers are returning to the office, businesses are even upgrading to better-quality office spaces and choosing mixed-use areas with amenities.
3. Growing Tourism Market
Charleston continues to be a popular tourist destination. It has been named as one of the top places to visit in the U.S. by publications like Travel + Leisure and U.S. News & World Report. As more and more people stream into the area, this provides a boost for the hospitality industry as well as various retail spaces.
4. SC Ports Expansion
The Port of Charleston has invested more than $2 billion in expansion efforts in recent years. In 2021, the Hugh K. Leatherman Terminal opened, which was the first greenfield container terminal to open in this country since 2009. In 2022, the Charleston Harbor Deepening Project will be completed, making Charleston the deepest harbor on the U.S. East Coast. These developments continue to support South Carolina as a major manufacturing and exporting state, with companies like BMW, Michelin, TTI, and Keurig/Dr Pepper having a presence here.
5. Tech and Industrial Sector Growth
Charleston, SC, is one of the fastest-growing tech markets in the country. In fact, it routinely makes lists of the “next Silicon Valleys” and is home to a wide range of tech and industrial-based companies. The region now hosts more than 400 tech companies, including BAE Systems, SAIC, Google, Blackbaud, and Benefit Focus.
Get the Partner You Need in Charleston’s Commercial Real Estate Market
If you’re interested in owning or leasing commercial real estate in the Charleston, SC, area, you need a partner you can trust. At Caldwell Commercial Real Estate, our commercial realtors and property managers have over 80 years of combined experience, so you can have peace of mind knowing your needs are being met. Our professionals are ready to provide you with information that will help you understand what makes this area special and help you find the best property to meet your needs. Contact us today.