Colliers South Carolina Industrial Report: Performance metrics remain healthy despite increased vacancy

April 24, 2024

Commercial Real Estate Research & Forecast Report
Q1 2024 South Carolina Industrial

Market Highlights

Overall industrial performance across the state remained healthy with net positive absorption of 1,912,460 square feet and lease rates remaining stable at $6.01 per square foot despite a large wave of deliveries. The construction pipeline continued to slow, decreasing to 16,829,048 square feet, creating optimism that supply and demand will reach equilibrium in the near term.

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Key Takeaways

  • Absorption was strong, despite substantial deliveries
  • Overall lease rates remained stable
  • Construction pipeline began to slow, decreasing to 16,829,048 square feet


Activity increased in the first quarter of 2024 across all major markets, yielding performance rebounds from oversupplied areas during 2023. Scout Motors supporting businesses and the resolution of the operational status of the Hugh Leatherman Terminal are expected to grow business statewide.


About Colliers

Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 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 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.