Colliers Charleston Industrial Report: Ports labor resolution brightens logistics outlook
January 21, 2025Commercial Real Estate Research & Forecast Report
Q4 2024 Charleston Industrial
Market Highlights
Developers continue to bet big on Charleston’s long-term potential as a logistics hub as 1,544,578 square feet of speculative cross-dock space broke ground in 2024 despite elevated vacancy and volatile leasing volume. Asking rents continue to rise behind skyrocketing construction, financing and land costs, though an increasing number of leases are signing at discounts to asking price as owners face pressure from an excess of new construction.
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Key Takeaways
- Bulk leases beginning to sign at discounts to asking rents
- Port of Charleston stands to benefit from resolution of ILA labor dispute
- Investors view Charleston as a strong long-term bet despite short-term challenges
Looking forward
Despite short-term headwinds, the resolution of an ILA labor dispute impacting the Port of Charleston should contribute to an uptick in new leasing activity in 2025, as should Boeing’s and Google’s announcements of upcoming capital investments exceeding $4B. Sales volume exceeded $350M as investors focused on fully leased properties with an eye towards the long-term.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina, with 66 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 are the largest manager of commercial real estate properties in South Carolina with a portfolio of over 25 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 which currently exceed $1.1 billion in project value.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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, X @Colliers or LinkedIn.