Colliers Industrial Report: Waves of deliveries continue across the state
November 2, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 South Carolina Industrial
Market Highlights
The construction pipeline across the state yielded another quarter with large amounts of deliveries and absorption. Over 9.6 million square feet were delivered to the market and 3,113,457 square feet were absorbed during the quarter, bringing vacancy up to 7.56%. New construction remained concentrated in Spartanburg County and Berkeley County, which accounted for 54.01% and 33.58% of deliveries, respectively.
Click here to read the full report.
Key Takeaways
- 3,113,457 square feet were absorbed during Q3
- Vacancy increased with the delivery of 9,638,180 square feet
- Rental rates increased year over year
Forecast
Rental rates increased from this time last year by 10.72% despite the delivery of over nine million square feet for the third consecutive quarter. Drawn by its infrastructure, capital investments, port connectivity and labor market, new inventory is expected to absorb as growth in manufacturing continues in 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 19 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
