Colliers Report: Absorption, rental rates and vacancy increase with deliveries
October 23, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Charleston Industrial
Market Highlights
Charleston absorbed 2,320,294 square feet and rental rates increased by 2.28% from the third quarter, despite the delivery of 3,582,499 square feet. These deliveries increased total inventory to 71,774,239 square feet and overall vacancy to 7.72%.
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Key Takeaways
- Rental rates and absorption increased from the second quarter
- 3.58 million square feet delivered and 6.94 million square feet are under construction
- Direct and sublet vacancy increased
Looking forward
While this level of vacancy is similar to that of the second quarter of 2021, positive absorption is expected to continue as the construction pipeline slows. Charleston’s industrial market remains attractive due to increased infrastructure and announced capital investments that are expected to build on the stable performance metrics of the third quarter.
About Colliers
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 19 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.
