Class A Supply Continues to Tighten.
The Columbia, South Carolina, industrial market ended 2010 with a year-over-year decline in vacancy of 1.97%, absorbing 662,626 square feet of space from year-end 2009 to year-end 2010. This absorption represents nearly double the amount of space absorbed in 2009, demonstrating that the market has entered a period of recovery.
According to the CentralSC Alliance, the region experienced multiple significant economic development announcements during 2010 that are expected to total nearly $450,000,000 in construction value. Most notable was the Amazon.com announcement that came in December, 2010, stating Amazon’s intent to build a 1,000,000-square-foot distribution facility in Lexington County and create 1,250 new jobs in the next several years.
The Amazon announcement comes on the heels of the completion of Home Depot’s 465,000-square-foot distribution center, and Republic National Distribution Company’s (RNDC) 206,000-square-foot center in the same area of Lexington County (Zone 6). This area, which has quickly grown into a regional distribution hub, experienced a 46% decline in vacancy in 2010, decreasing from 9.3% at year-end 2009 to 4.3% at year-end 2010. It is also important to note that there was no available Class A space in Lexington County at year-end 2010, and this industrial corridor experienced the largest addition of Class A space in the Columbia market during the previous twelve months, totaling 672,000 square feet.
Download the full report
For more information, including the market summary statistics, download the full research report.Download report