Colliers Report: Tenant demand balanced with new supply
July 11, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Charleston IndustrialMarket Highlights
Despite 1.72 million square feet of deliveries, vacancy moved upward only 80 basis points. While this level of vacancy is higher than it has been in 18 months, it is still half the average for the last 15 years. Tenant activity in the market continues to be strong, especially from 3PLs and manufacturing tenants who continue to explore opportunities in the market.
Click here to read the full report.
Key Takeaways
- Demand and supply balanced
- 10.2 million square feet under construction
- Rental rates are stabilizing
Looking forward
Development activity in the market is heavily concentrated in the Summerville and Ridgeville submarkets where industrial developers have multiple warehouse sites already entitled and multi-building park infrastructure in place.
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.
