With its thousands of flourishing small- to mid-sized businesses and a proven track record of growth in the aerospace and automotive industries, Charleston is a hub for economic development and a thriving business climate. And beyond its obvious industrial appeal, the Charleston area offers an unparalleled quality of life for workers.

View Interactive Location Map

Charleston Market Area stats

Building-permit issuance has steadily increased since 2011

Source: US Census Bureau, Building Permits Survey; Hargett Consulting, LLC; May 2019.

Rental Apartments & Single-Family Closings

The vacancy rate of residential rental units trends down year over year, while the average rent sees growth of 6% year over year — and that’s because people are flocking to the area for its job opportunities and quality lifestyle. New single-family closings have been steadily on the rise, too.

 

Rental Apartments

Charleston Market Feb-17 Aug-17 Feb-18 Aug-18 Feb-19
# of Units 35,752 38,787 39,918 40,680 43,074
# Vacant 3,146 3,452 4,515 4,095 4,566
% Vacant 8.8% 8.9% 11.3% 10.1% 10.6%
Rental Rate (per month) $1,123 $1,159 $1,170 $1,242 $1,246
Net Absorption -178 1,725 360 2,206 1,356
Units Under Construction 5,150 5,259 5,439 4,964 5,343
Units Proposed 5,160 5,232 5,685 1,356 4,544

Source: Real Data Apartment Index Report; Hargett Consulting, LLC; May 2019.

 

New Single-Family Closings – Charleston MSA

Charleston MSA & Submarkets –
12 Months Ending Q1 2019
% Of MSA # of Closings Average $
Charleston MSA 4,249 $382,798
Goose Creek/Hanahan 32% 1,357 $311,018
Summerville 19% 804 $300,221
Mount Pleasant 12% 504 $595,553
West Ashley 5% 220 $354,522
Daniel Island/Cainhoy 4% 170 $709,692

Source: Market Opportunity Research Enterprises; Hargett Consulting, LLC; May 2019.

Industrial Market

For the broader industrial market, vacancy rates have been steadily falling for one simple reason: Businesses understand the endless potential of the region and opportunity it provides.

Approximately 67 million sq. ft. of industrial space in the Charleston MSA, with a 7.2% vacancy rate

Charleston MSA Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
Inventory (SF) 60,886,991 64,163,938 65,631,588 66,396,956 67,222,536
Vacancy 8.6% 8.0% 7.6% 7.2% 7.2%
Avg. Asking Rent $5.41 $5.35 $5.38 $5.42 $5.52
Quarterly Absorption (SF) 1,051,750 3,386,655 1,610,268 968,726 767,122

It’s statistics like these that have drawn in businesses — from major grocery anchors to global enterprises like Volvo — to the Camp Hall area.