Colliers Report: Unprecedented wave of new construction about to crest
July 19, 2023
Commercial Real Estate Research & Forecast Report
Q2 2022 South Carolina Industrial
Market Highlights
8.9 million square feet delivered statewide this quarter and another 10 million square feet will deliver in the third quarter. Two-thirds of the new construction is concentrated in four submarkets – 27.1% in Greer-Duncan, 10.9% in Greater Spartanburg, 16.9% in Summerville and 12.2% in Ridgeville. This growth is largely driven by a significant number of capital investments and forward-thinking investments in the interstate system, the Port of Charleston and the Inland Ports.
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Key Takeaways
- 8.9 million square feet delivered in Q2 2023
- Nearly 10 million square feet will deliver in Q3 2023
- Vacancy rate increased to 5.9%
Forecast
Going forward, these investments coupled with a business-friendly regulatory environment and low unionization rate will drive additional population and business growth across South Carolina.
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.
