Running Low on Quality Industrial Space
Industrial prospects were active in the second quarter of 2013 absorbing over 400,000 square feet of vacant space following a sluggish start to the year. The industrial market in Columbia, SC ended the second quarter reaching the highest occupancy rate since 2008 at 93.03%, up from the first quarter occupancy rate of 91.97%.
The Northeast submarket led the way in the second quarter of 2013 and ended the quarter with a vacancy rate of only 15.68% after absorbing approximately 383,000 square feet. Much of the Northeast market’s success was due to its plentiful and higher quality inventory. The Northeast’s high vacancy rate, once seen as a market concern, is now attracting tenants and buyers as the midlands industrial base continues to expand.
As anticipated, sales volume was up in the second quarter of 2013 as low interest rates and higher occupancy costs for leasing motivated buyers. 1091 Carolina Pines Dirve was acquired by Intertape Polymer Group with plans to fully occupy the 350,000 square foot industrial building. 1091 Carolina Pines was the former distribution center for Lamson & Sessions and had been vacant since April 2011. Intertape Polymer Group, a manufacturer of tape products, will be moving from its current Beltine Blvd location in East Columbia as part of the company’s expansion and modernization plan.
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