Continued Improvement for Columbia’s Industrial Market
Columbia’s Industrial Market ended 2012 with a second consecutive quarter of positive absorption and decreased vacancy rate. The market absorbed 46,848 square feet and reported a vacancy rate of 8.78% at year-end 2012, 12 basis points lower than the third quarter vacancy rate.
Interest in the second half of 2012 remained focused on the Southeast and Northeast Columbia submarkets. The Northeast Columbia submarket, consisting of the greatest amount of “big box spaces” ranging between 100,000 to 350,000 square feet in size, maintained the highest vacancy rate in the Columbia market throughout 2012. The fourth quarter however brought positive improvement to the northeast with a 4.41% decrease in vacancy rate, the greatest decrease experienced by any submarket this quarter. During this period, Jayco Inc signed a lease at 850 Bookman Road absorbing 60,129 square feet. In addition, Carrier-Bryant Carolinas renewed their 70,000 square foot lease at 230 Business Park Boulevard.
Southeast Columbia, typically home to smaller spaces ranging from 10,000 to 30,000 square feet experienced a 3.51% decrease in sub market vacancy rate from the previous quarter. Cherry Contracting signed a lease at 9790 Garners Ferry Road in the southeast market absorbing an additional 31,672 square feet.
In the Cayce/West Columbia submarket construction continues at Nephron Pharmaceutical manufacturing plant and research center at Saxe Gotha Industrial Park in Lexington County. Completion is anticipated for April 2013 with initial hiring to fill 300 positions beginning in March. The company plans to further expand and eventually employ 700 employees.
Also, in Richland County, JTEKT Corporation, an automotive systems and industrial components supplier, announced a $130 million additional investment to their existing facility which specializes in making bearings. The investment is anticipated to create 175 new jobs and involves a 267,000 square foot expansion of the facility to include an additional 32,700 square feet to be constructed as office space.
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