Colliers Report: Robust demand by 3PLs and advanced manufacturing absorbing new deliveries
May 10, 2023
Commercial Real Estate Research & Forecast Report
Q1 2023 Charleston Industrial
Market Highlights
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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Key Takeaways
- 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
Looking forward
Going forward, these sectors along with port-dependent logistics companies will drive demand for additional warehousing and manufacturing space in the market.
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 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
