Colliers Report: Robust demand by 3PLs and advanced manufacturing absorbing new deliveriesMay 10, 2023
Commercial Real Estate Research & Forecast Report
Q1 2023 Charleston Industrial
The Charleston market continued its strong performance this quarter with 2.2 million square feet of absorption and 3.7 million square feet of deliveries. Vacancy increased by 219 basis points from 1.55% to 3.74%. Since the beginning of 2021, the market has absorbed an average of 1.6 million square feet per quarter. This was largely driven by warehousing to support the advanced manufacturing sector, particularly internal combustion and electric vehicle manufacturing and expansion of 3PL (third-party logistics) activity.
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- Strong demand by third-party logistics (3PL) and advanced manufacturing companies
- 11.8 million square feet under construction
- Vacancy slightly higher but still near historic lows despite nearly 4 million square feet of deliveries
Going forward, these sectors along with port-dependent logistics companies will drive demand for additional warehousing and manufacturing space in the market.
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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