Faber Centre Offering Memorandum_FINAL_singles
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FABER CENTRE<br />
2Q 2018 OFFICE REPORT<br />
Market Indicators<br />
4Q17<br />
O C CUPANC Y<br />
1Q18<br />
ABSO RPTIO N<br />
2Q18<br />
THE MARKET<br />
SECOND QUARTER SUMMARY<br />
The office market in Charleston<br />
experienced no change in the second<br />
quarter vacancy rate. Net absorption<br />
was positive 286,955 square feet, more<br />
than double the absorption of first<br />
quarter 2018. 85% of this absorption<br />
can be attributed to Class-A office space,<br />
although the largest sector of inventory<br />
remains Class-B buildings. Rental rates<br />
saw an increase of 5.4%, rising to $22.81<br />
per square foot. There were 425,142<br />
square feet of office space under<br />
construction at the end of the quarter.<br />
4Q17<br />
1Q18<br />
2Q18<br />
RENTAL R AT E<br />
4Q17<br />
1Q18<br />
2Q18<br />
2018 Charleston<br />
Economy Spotlight<br />
22 WestEdge Under Construction<br />
45<br />
Largest Employment Industry:<br />
Trade, Transportation & Utilities<br />
(Source: NAICS)<br />
670,000 SF Office Space Under<br />
Construction (Source: CoStar)<br />
3,170 Existing Inventory of<br />
Office Buildings (Source: CoStar)<br />
South Carolina Ranked #2 Top<br />
States for Doing Business<br />
(Source: Area Development Online)<br />
FEATURED LISTING<br />
PRICE: ............... $36.00-$38.50/yr. (NNN/FS)<br />
SIZE:.................. 1,354 - 21,160 SF<br />
AGENTS:........... Reid Davis, CCIM SIOR<br />
Pete Harper, CCIM<br />
Cameron Yost<br />
22 WestEdge will be an eight story office<br />
tower with ground floor retail which will<br />
be the tallest and most modern of its kind<br />
in Charleston. The first floor will consist<br />
of 15,973 SF of highly visible retail space<br />
and the upper seven floors of office will<br />
encompass 139,385 SF of Class A office with<br />
unparalleled views of the city and the Ashley<br />
River. The retailers will have large glass<br />
storefronts with the ability to take advantage<br />
of the wide sidewalks in front of the building.<br />
Office tenants will park in the immediately<br />
adjacent garage at 10 WestEdge.
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