Lowcountry retail rents dip as leasing demand shifts inland

The first quarter of 2025 commercial real estate in the Lowcountry saw price per square foot decrease, rental space increase and even a record high for one tri-county submarket, according to a study done by Avison Young, a global real estate firm. 

Overall, the average asking price per square foot in the first quarter was $27.95 and the average leasing across the submarkets was close to 20,000 square feet, according to the study. 

Areas in outlying Berkeley County had its record highest Q1 leasing activity, influenced by communities such as Nexton, Goose Creek and Hanahan, according to the study. 

The highest market price was downtown Charleston at $39.49 per square foot and the lowest was North Charleston for $19.58 per square foot, the study found. 

Considering the higher rates of markets like downtown Charleston, Daniel Island and Mount Plesant, they were not the leaders in office space square footage for Q1. Dorchester County leased almost 60,000-square-feet at about $23.16 per square foot, the study found. 

The average asking rent in North Charleston, Dorchester County and outlying Berkeley County average to be about $9 lower per square foot than the other submarkets. According to the study, those areas are seeing higher leasing activity as some businesses choose more cost-effective space over location popularity.