South Carolina industrial construction delivers despite the pandemic
- Despite predictions of construction delays, the South Carolina industrial market had 3.01 million square feet of construction completions during the second quarter of 2020.
- Vacancy rate increased this quarter due to speculative construction deliveries; however, these vacancies are expected to be absorbed by year-end.
- Tertiary markets are becoming popular for new residents; therefore, submarkets throughout the state may see an increase in demand for housing. New residents will be positive for the workforce shortage.
Quarterly S.C. Market Overview
The South Carolina industrial market is comprised of 447,47 million square feet within 6,960 buildings. During the second quarter of 2020, construction activity completed despite the pandemic and the market added 14 buildings totaling approximately 3.01 million square feet throughout South Carolina. Also, there are 19 buildings totaling 4.12 million square feet, in addition to 35 buildings proposed to be built which will add approximately 6.66 million throughout the state upon completion. The South Carolina industrial markets absorbed 1.64 million square feet this quarter led by Columbia’s absorption of 479,072 square feet. Due to the vast amount of construction deliveries throughout South Carolina, the vacancy rate increased from 7.09% last quarter to 7.35% this quarter. The South Carolina triple net market rental rate for the remaining available industrial space averaged $4.20 per square foot during the second quarter of 2020.
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