A Tighter Market in 2013
The Columbia, SC industrial market ended 2013 with a low total vacancy rate of 7.37% after dropping 176 basis points and absorbing over 718,000 square feet of industrial space since year-end 2012. Despite a slight increase from the third quarter vacancy rate of 7.14%, the market continued to see improvements and remains optimistic for the year ahead.
The Northeast Columbia submarket held steady at a total vacancy rate of 15.31% through the fourth quarter of 2013 following consecutive quarters of positive absorption and declined vacancy rates. The submarket showed the greatest improvements through 2013, dropping 11.72 percentage points since year-end 2012, and remains home to some of the largest contiguous blocks of industrial space in the Columbia market. The I-77 corridor between Columbia and Charlotte was very active this year with the majority of the activity occurring in York County, however, the Northeast submarket experienced more activity from new prospects due to its availability of large blocks of high quality space.
Columbia’s newest industrial construction projects are both in the Southeast submarket. A 38,500 square foot speculative industrial building is under construction at 1509 Key Road and a 450,000 SF build to suit distribution center is under construction for Mar’s Pet Food on American Italian Way behind Mar’s existing pet food plant. Johnson Development Company is the developer for the Mars project. The spec building at 1509 Key Road is scheduled to complete in the first quarter of 2014 and is already 100% leased.
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