Demand drives robust S.C. industrial activity
- Vigorous statewide industrial activity continued into the first quarter of this year; South Carolina industrial properties absorbed 4.81 million square feet during the first quarter of 2019.
- The South Carolina industrial market can expect strong market activity and steady demand throughout 2019.
- 13.37 million square feet of industrial properties are currently under construction; as quality space is delivered to the market, rental rates will increase.
Accessibility to domestic and global markets is becoming a primary factor in site selection for businesses. South Carolina’s efficient logistics provide companies quick access to suppliers and customers through its ports, rail lines and interstates. Global trade is rapidly expanding within South Carolina. The region is booming with industrial activity due to imports/exports transporting through the Port of Charleston - the deepest eastern seaport - and Greenville-Spartanburg becoming an industrial hub with incredible inland port logistics and a manufacturing business base.
The South Carolina industrial market is comprised of 426.19 million square feet within 6,829 buildings. From the fourth quarter of last year through the first quarter of 2019, the South Carolina market grew by 15 buildings which added approximately 3.34 million square feet. Despite the delivery of new industrial construction, the South Carolina industrial markets absorbed approximately 4.81 million square feet during the first quarter of 2019 and the overall South Carolina market vacancy rate dropped from 7.58% during the fourth quarter of 2018 to 7.13% this quarter. The average triple net South Carolina market rental rate for the remaining available industrial space increased slightly to $3.83 per square foot during the first quarter of 2019.
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