Colliers Report: Columbia industrial vacancy rate at an all-time low
July 28, 2021
Commercial Real Estate Research & Forecast Report
Market Highlights
The overall industrial vacancy rate is at an all-time low of 3.97% in the Columbia industrial market. During the second quarter of 2021, 20% of all available space was absorbed. The recently completed Midway Logistics VI building in the Lexington County Industrial Park is home to the only existing Class A space currently available in the market. That leaves tenants with limited product to choose from when attempting to lease new space, relocate, or to even expand.
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Key Takeaways
- 20% of all available space was absorbed during the second quarter of 2021
- Scarce availability is requiring users to make decisions further in advance
- Increasing construction costs impact new development
Summary
From the second quarter of 2018 until this quarter, the overall market vacancy rate for the Columbia industrial market has dropped from 9.22% to 3.97%. New construction will be necessary to accommodate increasing demand. For this reason, tenants are advised to renew or renegotiate the current leases approximately two years prior to the expiration date.
