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.
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- Demand and supply balanced
- 10.2 million square feet under construction
- Rental rates are stabilizing
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.
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