Commercial Real Estate Research & Forecast Report
Q4 2023 Charleston Industrial
The fourth quarter marks the first time businesses have had a variety of options and opportunities for big box properties in Charleston. Currently, 2,650,856 square feet are available in buildings between 100,000 and 250,000 square feet, 2,482,534 square feet are available in buildings between 250,000 and 500,000 square feet and 1,865,592 square feet are available in buildings 500,000 square feet and larger. Leasing activity slowed in the fourth quarter, increasing vacancy to 10.32% with 63,859 square feet of net absorption and 1,793,866 square feet of deliveries.
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- Average lease rates increased from Q3 2023
- 63,859 square feet absorbed
- 1,793,866 square feet were delivered, increasing vacancy to 10.32%
Despite the increase in vacancy from the third quarter, Charleston’s overall lease rates increased to $7.75 per square foot, an increase of 7.74% from the third quarter of 2023, making it the highest across South Carolina. Activity is expected to increase through the first two quarters of 2024 as the big box opportunities are realized and interest rates potentially begin to stabilize.
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 22.5 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.