Demand is keeping pace with construction
- The demand for Charleston industrial space is high and the market absorbed 923,455 square feet this quarter.
- Construction is increasing with 2.93 million square feet of industrial buildings under construction; 1.5 million square feet of new product was delivered to the market during the third quarter of 2018.
- Due to 11-hour drive-time regulations, secondary markets are attractive for the location of new industrial centers.
Secondary market growth is feasible due to new ELD regulations
Due to e-commerce, the industrial market is booming throughout the U.S. and manufacturers and distributors are searching for new places to locate industrial facilities. Primary cities such as Boston, Chicago, New York, Los Angeles, San Francisco and Washington D.C. used to be among the first considered when choosing a location for manufacturing and distribution. However, many secondary markets such as Charleston, Greenville, Spartanburg, Cincinnati, Indianapolis, Memphis, Orlando, Phoenix and Las Vegas are emerging as a logical choice for new locations. The Charleston region will be a prime secondary market within the logistics chain due to access to logistics components such as close proximity to the deepest seaport in the U.S., ease of access to the inland ports in Greer and Dillon, access to major airports and convenient accessibility to multiple highways. In addition, this region has an increasing number of industrial jobs, close proximity to other primary and secondary markets, capital investment interest and rapid population growth.
The trucking industry is a focal point within the industrial logistics chain and as trucking regulations are switched from Automatic On- Board Recording Devices (AOBRDs) to Electronic Logging Devices (ELDs), secondary markets will become more attractive than primary markets for new manufacturing and distribution centers.
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