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.

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