Colliers South Carolina Industrial Report: Statewide performance continues to improve
January 17, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 South Carolina Industrial
Market Highlights
Overall performance metrics remained robust across the state in the fourth quarter of 2023, with most measures improving from last quarter. Inventory, absorption and average lease rates increased to 498,168,092 square feet, 978,381 square feet and $6.03 per square foot, respectively. 3,093,496 square feet delivered, increasing vacancy to 8.17%.
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Key Takeaways
- Absorption and average lease rates improved from Q3 2023
- 3,093,496 square feet delivered and 978,381 square feet were absorbed
- Construction decreased to 19,498,869 square feet
Forecast
While new construction has been slowing down due to interest rates, rising costs and supply chain challenges, South Carolina’s construction pipeline has remained robust, with 19,498,869 square feet under construction. The state’s industrial market continues to be attractive and competitive supported by population growth, a strong labor market, stable economy, port systems and ongoing investments in infrastructure.
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 22.5 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.
