Colliers Report: New deliveries are necessary to meet demandFebruary 13, 2023
Commercial Real Estate Research & Forecast Report
Q4 2022 Columbia Industrial
By Ron Anderson | Vice President of Research and Information Technology
The Columbia industrial market currently has 2 million square feet of construction underway that is scheduled to deliver in 2023. Overall the market posted 473,233 square feet of absorption during the fourth quarter and 1.85 million square feet over the course of the year. This quarter the vacancy rate dropped to an all-time low of 2.36%.
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- Additional speculative development is needed to satisfy market demands
- 2 million square feet are under construction with most space already pre-leased
- Columbia’s net industrial annual absorption was 1.85 million square feet in 2022
Due to high pre-leasing activity, limited availability remains in the buildings currently under construction. Thanks to 3PL activity, existing user expansions and new-to-market manufacturers there are no signs of demand slowing. The market asking rental rate was $4.43 per square foot during the fourth quarter of 2022 and as new construction delivers the market rental rate will continue to increase.
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 18 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.
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