Job Growth Strong in 2011.
The Columbia, South Carolina, industrial market remained stable during the fourth quarter of 2011, absorbing 40,441 square feet during this three month period. The market experienced 1,055,843 square feet of absorption in 2011, but this activity was largely due to the construction of the Amazon.com facility, which came online in September.
Transactional volume in 2011 was largely concentrated to relocations and renewals of existing tenants rather than new tenants to the market. Total volume exceeded 1.7 million square feet of industrial sales and leases in 2011. The largest transaction in 2011 was the 185,600-square-foot lease to Interstate Container at 128 Crews Drive, which was a new tenant to the market. Other significant transactions included the 115,883-square-foot renewal by Anderson Logistics in 128 McQueen Street Lexington and the 92,375-square foot renewal by Iron Mountain at 100 Archive Court in Lexington.
The manufacturing sector experienced a rebound in terms of job growth in 2011, which should lead to positive absorption in 2012. From December 2010 to December 2011, 2,500 new jobs were added to manufacturing, representing a 9.29% increase in this sector. Manufacturers such as Owen Steel and Michelin expanded in 2011, but this growth did not impact the industrial real estate market.
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