Colliers Report: New industrial construction cannot deliver fast enough
February 8, 2023
Commercial Real Estate Research & Forecast Report
Q4 2022 Charleston Industrial
Market Highlights
The Charleston industrial market currently has 9.1 million square feet of construction underway. Overall the market posted 897,671 square feet of absorption with 826,243 square feet of new deliveries during the fourth quarter of 2022. Charleston’s vacancy rate dropped to an all-time low of 1.92% at year-end. The majority of new product under construction will deliver in 2023 with many leases in place.
Click here to read the full report.
Key Takeaways
- 897,671 square feet was absorbed this quarter
- Leasing activity continues to be strong with 9.1 million square feet under construction
Looking forward
Thanks to strong market drivers and increasing port activity, there are no signs of demand slowing anytime soon. The market rental rate was $9.09 per square foot during the fourth quarter of 2022 and the market rental rate is expected to increase quarter over quarter.
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 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.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 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
