Colliers Report: Columbia maintains demand and sustainable rate of development
November 1, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Columbia Industrial
Market Highlights
Limited product with heavy power and material lead times associated with electrical enhancements continue to be a challenge for industrial users. However, Columbia’s strong labor market, inventory with readily available power and interstate connectivity continued to generate interest from manufacturing users and developers. Automotive-related requirements have begun to emerge due to Scout Motors’ announcement and Columbia’s proximity to 13 major automotive OEMs within a five-hour drive time.
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Key Takeaways
- Rental rates continued to rise
- Vacancy increased with 238,215 square feet of new deliveries
- Demand remains high as available product is limited
Looking ahead
Columbia’s sustainable construction pipeline has enabled absorption to keep pace, rental rates to increase and vacancy to remain under 4% since the fourth quarter of 2022. Steady growth is expected to continue as 238,215 square feet delivered in the third quarter and 1,522,932 square feet are scheduled to deliver through the end of next year.
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
