Colliers Columbia Industrial Report: Steady rate of absorption pushes vacancy lower
November 6, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Columbia Industrial
Market Highlights
Industrial activity continued its steady pace as the Columbia market absorbed 396,444 square feet, lowering vacancy to 4.05%. The Columbia region has not experienced the same speculative overbuilding trend as surrounding markets with 4.1M square feet delivering in the past 3 years, allowing older properties to maintain high occupancy and stable rents.
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- Increased user activity creating pressure on availability and risk of undersupply without new construction starts
- Build-to-suit activity comprises the bulk of new construction
- Columbia industrial market’s overall stability poised to continue through Q4
Looking ahead
With Scout Motors’ $2B automotive plant expected to enter production by the end of 2026, tenants seeking 100,000+ square feet of Class A space may see limited options over the next year or more as the bulk of the remaining construction pipeline consists of build-to-suit properties. Several pending lease deals are expected to further suppress vacancy in the fourth quarter.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 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 23 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 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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, X @Colliers or LinkedIn.
