2018 Q4 Industrial South Carolina Report

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S.C. industrial trends include high-quality space and positive absorption

Key Takeaways

  • Statewide industrial activity thrives; South Carolina industrial properties absorbed 15.56 million square feet throughout 2018.
  • 13.09 million square feet of industrial properties are currently under construction; as quality space is delivered to the market, rental rates will increase.

2018 Market Recap

During 2018, the South Carolina industrial market grew considerably; there were 57 new industrial buildings delivered to the market, adding 9.05 million square feet, and there are currently 13,093,069 square feet of buildings under construction. In addition, another 6,046,920 square feet of industrial buildings are proposed to be built statewide. Demand has elevated as, over the past 12 months, the South Carolina industrial market absorbed 15.56 million square feet; therefore, the market vacancy rate dropped 170 basis points from the fourth quarter of 2017 down to 6.77% during this quarter. The overall average South Carolina industrial weighted rental rate rose from $3.48 per square foot during the fourth quarter of last year to $4.02 per square foot during the fourth quarter of 2018.

Market Overview

The South Carolina industrial market is comprised of 417.95 million square feet within 6,778 buildings. From the third to the fourth quarter of 2018, there were ten buildings, adding 638,780 square feet, delivered to the industrial market statewide. Despite the delivery of new industrial construction, the South Carolina industrial markets absorbed approximately 3.84 million square feet this quarter, and the overall South Carolina market vacancy rate dropped from 7.54% during the third quarter of 2018 to 6.77% during the fourth quarter of this year. The average triple net South Carolina market rental rate for the remaining available industrial space increased from $3.82 per square foot last quarter to $4.02 per square foot during the fourth quarter of 2018.

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2018 Q4 Industrial South Carolina Report

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