Commercial real estate continues its recovery in the Southeast. Atlanta is hitting on all cylinders and that momentum is spilling over to cities a little further northlike Charleston.
Charleston is reporting strong activity in its office and industrial segments. So whats behind it? GlobeSt.com caught up with Mike Ferrer, broker in charge, to get all the details in this exclusive interview.
GlobeSt.com: Tell me about the state of the office and industrial markets in the Charleston region?
Ferrer: The office market has made a strong recovery, with vacancy falling from 11% in the first quarter of 2014 to 7.8% in the second quarter of 2015. Increasing demand and a lack of supply are pushing up gross asking rents, which reached $19.49 per square foot in the first quarter.
Vacancy in the industrial market fell by more than 2 million square feet from 4.6 million square feet in the first quarter of 2014 to 2.6 million square feet in the second