Colliers Columbia Industrial Report: New wave of deliveries creating opportunities for users
July 24, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Columbia Industrial
Market Highlights
The Columbia industrial market saw limited leasing activity in Q2, as isolated user vacancies and macroeconomic considerations contributed to an increase in vacancy to 4.28%. Much of this vacancy is within Class B and C spaces located in outlying submarkets, keeping average asking rents relatively low at $5.38 per square foot while Class A asking rents averaged $6.64 per square foot.
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Key Takeaways
- The Columbia industrial market experienced its first quarter of negative absorption in six quarters
- Scout Motors supplier activity likely to drive additional investment in anticipation of late 2026 production start
- Adequate Class A availability to meet user demand through remainder of 2024
Looking ahead
Construction continues on Scout Motors’ $2 billion electric vehicle manufacturing plant ahead of an expected late 2026 production start. With supplier activity ramping up in low-vacancy conditions, new construction starts will be essential to satisfy user demand through 2025 and into 2026. The pipeline remains slim, with just three buildings totaling 827,792 square feet expected to deliver by the end of 2024.
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 is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
