Charleston is becoming an industrial hub
- Demand for Charleston industrial space is rising; the market absorbed 654,951 square feet during the first quarter of 2019.
- Six new buildings totaling 217,431 square feet were added to the market this quarter, and 3.51 million square feet are under construction.
- The overall average weighted market rental rate continues to rise quarter over quarter.
- The deepening of the Port of Charleston harbor is a major contributor to the increasing industrial activity throughout the region.
Port of Charleston included in federal budget proposal
The Port of Charleston has been an economic driver for the Charleston market for hundreds of years, and now the deepening of the Port of Charleston harbor is a major contributor to the increasing industrial activity throughout the region. That activity is expected to escalate further if Congress approves the proposed $138 million federal funding included in the 2020 fiscal year budget. This federal money will push the harbor deepening project toward completion, which will increase port activity and add to the logistics pipeline feeding the import/export portion of the industrial market throughout Charleston. When the harbor deepening is completed, it will accommodate larger container vessels whose imports can then be transported to the inland ports and distributed throughout the country. Likewise, goods manufactured in the United States will have a convenient export route out of the Port of Charleston. With the completion of the deeper harbor, Charleston will have the deepest Eastern seaport. If the federal funding is approved, Charleston will be one step closer to quickly becoming an east coast industrial hub.
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