New construction delivery increases weighted rental rates
- Three new buildings totaling 157,000 square feet were added to the market this quarter, and 2.97 million square feet are under construction.
- The overall average weighted market rental rate continues to rise quarter-over-quarter.
2018 Market Recap
During 2018, the Charleston industrial market absorbed 3,307,801 square feet of industrial space, one-third of which was within the Summerville submarket. There were 23 new property deliveries this year, adding approximately 4.02 million square feet to the market. Thus, the Charleston industrial vacancy rate rose from 8.52% during the fourth quarter of 2017 to 9.20% during the fourth quarter of this year. Due to the new construction delivery throughout 2018, the overall average weighted rental rate increased from $4.97 per square foot during the fourth quarter of last year to $5.73 per square foot this quarter.
The Charleston industrial market has 54.02 million square feet of industrial inventory within 1,062 buildings. There were three new buildings delivered to the Charleston market this quarter, which added 157,000 square feet. There are also 18 buildings currently under construction totaling 2,970,758 square feet. The Charleston industrial market absorbed 17,783 square feet during the fourth quarter of 2018, and the market vacancy rate rose from 8.97% during the third quarter of this year to 9.20% this quarter. The average triple net market weighted rental rate increased again this quarter to $5.73 per square foot up from $5.18 per square foot during the third quarter of this year.
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