Increased statewide industrial investment is expected in 2018
- As South Carolina quickly becomes a main industrial hub, increased leasing and sale activity will follow.
- The Tax Cuts and Jobs Act may allow for increased industrial investment.
South Carolina is a flurry of industrial activity. As the plans of an expanding Port of Charleston come to fruition and logistics infrastructure improvements begin, global companies continue to locate and invest in South Carolina. There are positive changes to be seen throughout the state. South Carolina was ranked #2 on the 2017 Top States for Doing Business commentary by Area Development magazine, in addition to being awarded a “2017 Silver Shovel Award” in the States with 3 to 5 Million Population category. The Shovel Awards are awarded to states that are “compiling healthy and impressive rosters of projects and announcements, expansions and new facilities.” With these nationwide honors, it is easy to see why business is picking up across South Carolina.
2017 Market Recap
The Port of Charleston annual cargo shipment totals set a record during 2017, moving more cargo boxes through the port last year than ever before in its 75 year history. The inland port in Greer, SC is also reporting a record number of shipments, a 20.4% increase over the shipments handled during 2016. This positive environment for world-class companies to move to South Carolina and add employment will enhance the appeal of statewide industrial real estate market.
The South Carolina industrial market consists of 6,606 industrial buildings totaling 400.3 million square feet, and experienced 4.07 million square feet of absorption during 2017. The overall vacancy rate ended the year at 8.62%, and the triple net average asking rental rate rose to $3.73 per square foot during the fourth quarter of 2017.
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