Colliers Report: Class B space is available until Class A space delivers
May 2, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 Columbia Industrial
Market Highlights
The Columbia industrial market vacancy rate dropped from 4.62% during the first quarter of 2021 to 4.10% in the first quarter of 2022. No existing Class A industrial space is currently available, and no new construction will deliver until the second half of 2022. There is almost one million square feet either under construction or ready to break ground during the second quarter of this year.
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Key Takeaways
- There is no existing Class A space currently available
- Class B availabilities will help alleviate tenant demand until new product is delivered
- Almost one million square feet is either under construction or ready to break ground during the second quarter of 2022
Summary
Tenants are now considering leasing one year or more in advance to secure space in buildings planning to deliver by the end of 2022 and into 2023, or renewing at their existing locations further in advance of their lease expiration. In the meantime, there is 865,219 square feet of Class B space available in the market if tenants need space immediately.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn
