This quarter, NAI Avant broker Scott Peevy reported shifts in the office space market in Charleston, South Carolina. He reports that rates for office space rentals in the popular Southern city began to level off at the end of 2016 but that investment opportunities are very attractive right now.
Current trends show a great deal of redevelopment projects beginning in areas that are in great need of it. This is of great importance seeing as Charleston is known for having a large shortage on office space. This causes high rent rates with lower vacancy numbers. These numbers and the shortages show that the market for new office spaces is extremely attractive right now.
According to the NAI broker, investors are currently working to obtain better returns on office spaces thanks to the projections that occupancy rates will rise along with rental rates. Investors are seriously considering making major improvements to second-tier office spaces as they hold the highest vacancy percentages (10.5%) in Charleston. Along with this, demand for newly renovated spaces is showing a major rise.
Peevy also reports that there is a major surge in retail projects in the city. Which is particularly healthy for the market as it allows for more diversity in businesses in the area.
Scott Peevy is a broker for NAI Avant, a member of the NAI Global Network of real estate brokers and experts. The major network has over 400 offices located around the world with more than 7,000 real estate experts. Their portfolio features over 425 million square feet of property internationally.
NAI Global is a subsidiary of Andrew Farkas’ Island Capital Group. The company is the parent company of C-III Capital Partners. C-III acquired NAI Global in 2016. This acquisition of NAI allowed C-III to diversify their portfolio while also helping both firms to remain leaders in the market.