Continued Improvement for Columbia’s Industrial Market
The Columbia, SC industrial market experienced further improvements in the first quarter of 2013 with a third consecutive quarter of positive absorption and decreased vacancy rate. The market absorbed over 180,000 square feet of direct industrial space and ended the quarter with a total vacancy rate of 8.08% for the market, 70 basis points lower than year-end 2012 vacancy rate of 8.78%.
Activity increased throughout Columbia with decreased vacancy rates in the Southeast, East, West Columbia/Cayce, and Northeast submarkets. Despite its high vacancy rate, the Northeast submarket has seen the greatest amount of activity and improvement in recent quarters with continued success throughout the first quarter of 2013. This submarket ended the quarter with a vacancy rate of 23.99%, 139 basis points lower than the fourth quarter of 2012, absorbing over 70,000 square feet of direct available space. The West Columbia/Cayce market also continued to tighten bringing the vacancy rate down 172 basis points to 8.71%.
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