Colliers Report: New construction underway is necessary, vacancy is at an all-time low

July 28, 2022

Commercial Real Estate Research & Forecast Report
Q2 2022 Columbia Industrial

Market Highlights

One building located at 321 Logistics in the Lexington County Industrial Park delivered last quarter and was fully leased upon delivery. During the second quarter of 2022, construction began on three speculative industrial buildings, all three of which are experiencing pre-leasing interest from prospective tenants. Class B and C vacancies offer an option for tenants seeking immediate space in the market.

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Key Takeaways

  • Five buildings totaling 1.5 million square feet began construction in 2022
  • Vacancy is at an all-time low of 3.49%
  • Class B availabilities will help alleviate tenant demand until new product is delivered


There are currently a total of 1.6 million square feet under construction and another 1.6 million square feet scheduled to break ground this year. Pre-leasing of Class A construction is expected to continue throughout the year. During the second quarter of 2022, the vacancy rate fell to an all-time low of 3.49%, and will not likely fluctuate in coming quarters due to pre-leasing activity.



About Colliers

Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2020 brokerage volume exceeded $533 million, which included over 456 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 16 million square feet of office, industrial, retail and healthcare properties. Colliers | South Carolina’s staff hold 49 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.

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, Twitter @Colliers or LinkedIn.