Thomas Boulware, Partner & Broker in Charge, NAI Charleston

In an interview with Invest:, Thomas Boulware, partner and broker in charge at NAI Charleston, discussed the strength of Charleston’s commercial real estate market, the geographic constraints shaping development, and emerging opportunities across the region. “We have a strong grasp on all of the submarkets of Charleston,” Boulware said.

How would you characterize Charleston’s commercial real estate market today?

The market is strong. Over the last five-plus years, we have seen an influx of investors and developers from all over the world seeking investment opportunities in Charleston. We have a booming economy and a strong workforce to support businesses seeking to expand here. 

All of the Charleston submarkets have been extremely active during this timeframe, and we expect that to continue for the foreseeable future.     

What factors have contributed to the slowdown in industrial and distribution space?

Global trade is down in some markets, and inflationary costs and geopolitical conditions are also affecting activity.

The current administration is trying to incentivize more manufacturing in the United States rather than relying on imports. Locally, there were multiple distribution-type projects in the development pipeline, delivered in a 12–18-month period, which contributed to an elevated vacancy rate.  

How does Charleston’s geography influence where future development can occur?

If you look at Charlotte geographically, it can expand in every direction. In Charleston, half of our market is the Atlantic Ocean, so growth can only occur inland. To the north is the Francis Marion National Forest, a federally protected national forest of about 400,000 acres, and to the south is the ACE Basin, another federally protected area.  

The river systems that drain from the inland portion of the state flow toward the ocean. As you move inland, wetlands help dictate where future growth can occur. When you look at an aerial map of our region, this will make sense. 

Charleston experienced a significant amount of growth in a short period, and the pandemic accelerated the number of people seeking to move here. It has been challenging for local municipalities, water and sewer providers, and other utility providers to keep up with this new demand. 

How are development pressures affecting housing and municipal decision-making?

Our housing market is driven by three main factors: location, entitlements/zoning, and utilities.  If a homebuilder contracts to buy a “raw” tract of land, the development process to achieve a land disturbance permit can take nearly two years.  A lot can happen in two years. The municipalities are under pressure from developers to provide more housing opportunities; however, supporting these new projects isn’t popular with their constituents. Traffic generation is the biggest concern, and building roads and bridges across the Lowcountry to accommodate this new traffic is not cheap. It can also be restrictive due to geographical constraints.        

How does NAI Charleston help clients navigate these market conditions?

My partners and I each have nearly 30 years of experience working in the commercial real estate business in the Charleston MSA. We also have 14 additional agents with between two and 40 years of experience in our market. 

With our level of historical market knowledge, we have a strong grasp on all of the Charleston submarkets. This market knowledge, coupled with our professional relationships across all disciplines involved in the development process, such as engineers, architects, attorneys, and municipal contacts, sets us apart from our competition. We have a solid reputation for utilizing these relationships to assist clients in navigating the challenges of our business. Staying informed of new developments and anticipating where grocery stores, healthcare services, and other uses will be needed has assisted us in directing our clients’ focus.   

Which Charleston-area submarkets and corridors offer notable opportunities?

West Ashley has considerable opportunity. City of Charleston’s Mayor William Cogswell has assembled a strong team to improve and implement an existing comprehensive plan for this submarket.  West Ashley has been discussed for years as a growth market for the city; however, initiative and execution have been lacking.  

The city showed its commitment to West Ashley by recently acquiring a property to relocate some of their municipal offices from the downtown area. That will make those services more accessible to the community and employees while reducing the need for everyone to commute downtown, where parking is challenging and expensive. 

The Medical University of South Carolina acquired the former Citadel Mall in December 2025. The property is approximately 30 to 40 acres and will likely undergo redevelopment over the next 10 years as a regional medical hub. It’s located at the intersection of Interstate 526 and Sam Rittenberg Boulevard, which is a primary corridor through the heart of West Ashley.

At the opposite end of Sam Rittenberg Boulevard is Ashley Landing Mall, which is being redeveloped by Edens Development Group. The project includes a relocation of an existing Publix grocery store, approximately 320 apartments, and plans to create more of a destination retail hub. The city’s municipal buildings will be located across the street from this project.  Between these two anchors are older commercial buildings developed primarily during the 1950s, 1960s, and 1970s.

The city’s vision for Sam Rittenburg is to redevelop these older properties by bringing new developed properties closer to the street, increasing their allowable height, creating more of a boulevard, and improving pedestrian activity. This will activate surrounding neighborhoods and give West Ashley a place where people can congregate. 

As mentioned, this vision has been discussed for years, but the leadership was not previously there to promote and advance it. It has now been put in motion, and many groups are investing in the West Ashley market.

Where else are you seeing redevelopment potential?

Jamestown acquired the former Navy base in North Charleston along the Cooper River and is renovating many of its buildings. Apartments have been added, along with a design studio that brings together designers, planners, architects, and other creative professionals. It creates an area where people can meet, share ideas, and develop synergy. The surrounding areas of the Navy Base, “Lower North Charleston,” are experiencing significant redevelopment along with the Hanahan submarket.  

What distinguishes NAI Charleston, and what are the firm’s priorities?

Our office currently has 18 agents, and we cover all asset classes: retail, office, industrial, hospitality, investment sales, and land, including leasing and sales across sectors. What makes our company unique is that we collaborate with each other and assemble teams of agents with the appropriate skill set to satisfy a client’s objectives.  Also, many of us are from South Carolina, and we are well connected throughout the state and the Charleston market.   

We have relationships that have developed over a long period, and those connections allow us to professionally advise investors, developers, and other clients on how to move their projects forward more efficiently. Our goal is to continue growing in the marketplace and continue building on our success as a company.