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MikesLogic

Lack of class A office space

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Vacancy rate for class “A” office space has plummeted from 15.45% in July 2003 to 8.96% in July 2005. This could be a problem for the Charleston area in the near future if more space isnt built soon. The demand is there. I would love to see projects such as Magnolia(Neck area revitalization) and others work to add this kinda of office space but it seems we will have more and more of these office parks in outlying suburban areas.

Lack of class 'A' office space threatens economic development

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I'd say that is a good problem to have. I am certain that more will be constructed if the demand is that high:)

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its not like people aren't trying....the places with the heaviest demand (Downtown, and Mt Pleasant) have very little land remaining. I have heard the realtors lamenting this for a couple of months.

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I read that article in the Charleston Business Journal as well. With demand going up and availability going down, especially in the DT area, this should serve as a catalyst for the possibility of building highrise office buildings, especially in the Neck area and around the medical complex.

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looking in the Market Facts 2005 insert to the Business Journal, there is currently 1,982,900 SF of Class A office space "proposed". This would increase the existing supply by more than 50%.

Other Interesting tidbits:

The Vacancy rate is below 10% in all submarkets except Upper North Charleston and downtown.

The average lease rate for downtown is a whopping $25.11/SF

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I read that article in the Charleston Business Journal as well. With demand going up and availability going down, especially in the DT area, this should serve as a catalyst for the possibility of building highrise office buildings, especially in the Neck area and around the medical complex.

<{POST_SNAPBACK}>

I agree. Going vertical is the next logical choice.

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It does seem to be putting stress on the area since people seem to be against vertical development in Charleston. You can only do so much with "horizonalism." This plays into the old thread's question: will the Charleston area ever have a skyline?

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Charlestonians have to realize that the city must evolve. Historic preservation is great, but I believe the majority of the city's population erroneously views that as antithetical to contemporary urban development, particulary in the form of high rises. I fear that if this mindset doesn't change soon, North Charleston may actually become the true center of urbanity in the Lowcountry, while Charleston becomes a municipal museum.

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If N. Chas had better management they would already be taking the lead, their proximity to the whole region is prime, they are basically the hub of the greater Charleston area.

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Charlestonians have to realize that the city must evolve. Historic preservation is great, but I believe the majority of the city's population erroneously views that as antithetical to contemporary urban development, particulary in the form of high rises. I fear that if this mindset doesn't change soon, North Charleston may actually become the true center of urbanity in the Lowcountry, while Charleston becomes a municipal museum.

<{POST_SNAPBACK}>

My sentiments exactly. I've said this before...Charleston could end up becoming a historic suburb of the area and lose its importance and relevance for the county. This preserve-all-historical-buildings mentality needs to be set aside and reserved only for historically important structures like the Old Exchange Building or buildings that are in the heart of the historic district. The development that Noisette will provide is substantial and necessary for the North area, but it is still imperative to keep the urban core DT or even maybe move it to the future Neck area development. I feel that if they really work it out, the Neck could be the Uptown of Charleston with substantial class A office space, giving the city much needed highrises and a skyline.

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