Statewide industrial demand intensifies

Key Takeaways

  • Statewide industrial activity is rapidly increasing; South Carolina industrial properties absorbed 4.17 million square feet during the third quarter of 2018.
  • Rental rates are expected to continue rising as more quality space is delivered statewide.
  • Positive industrial activity is expected to continue into 2019 as the demand for manufacturing facilities and warehouses increases.

Market Conditions

The South Carolina industrial market is comprised of 413.17 million square feet within 6,741 buildings. Throughout South Carolina, 2.97 million square feet of new industrial buildings were delivered to the market during the third quarter of 2018, and 10.11 million square feet are currently under construction. Despite the delivery of new industrial construction, the South Carolina industrial markets absorbed 4.17 million square feet this quarter and the overall S.C. market vacancy rate dropped from 7.95% during the second quarter of 2018 to 7.60% during the third quarter of this year. The average triple net South Carolina market rental rate for the remaining available industrial space increased from $3.71 per square foot last quarter to $3.92 per square foot during the third quarter of 2018.

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