The recently completed 2000 survey of 550 industrial, warehouse and manufacturing properties located in the Midlands area of South Carolina, indicated an overall market of 27,081,000 square feet and reported an occupancy rate of 92%.
In addition to the high occupancy rate, the survey noted that 66% of the properties surveyed consisted of facilities which were 100% owner occupied. The average net rental rate for the market was reported to be $3.25 per square foot.
During the year, 1,081,000 square feet of new product was added to the market with overall net market absorption for 2000 being 781,390 square feet. This represented a decrease of 401,610 square feet from 1999’s absorption of 1,183,000 square feet.
With in excess of 1,100,000 square feet of new industrial product either currently under construction or in the planning stages, 2001 should easily surpass 2000’s new construction of 1,081,000 square feet.
Overall market absorption for the current year should also exceed 2000, as many of the previously announced new projects will be owner occupied.
Vacancy rates should remain relatively stable throughout 2001; however, rental rates are expected to increase due in part to the rising cost of new construction along with the escalating cost of quality industrial sites.
It is anticipated that the Midlands region will continue to experience demand and growth from industrial users in both the manufacturing and distribution arenas.
Download the full report
For more information, including the market summary statistics, download the full research report.Download report