Columbia industrial is in a “space race”
Key Takeaways
- The Columbia industrial market outperformed expectations with a total absorption of 229,640 square feet during the third quarter of 2020.
- Over the next year, construction activity is predicted to increase considerably in order to keep up with market demand.
Columbia industrial activity is robust
Columbia’s industrial market vacancy rate is 3.93% overall, and there are very few buildings currently available to lease. Several proposed projects are planned to begin construction soon, but there is at least an eight month wait before the next wave of new building deliveries. This rise in demand has put Columbia in a “space race.” There are two factors to the space race. Prospective tenants must act quickly because they are competing against one another for a small pool of available buildings. In the meantime, developers are racing to get product out of the ground to accommodate market demand. Until the vacancy rate increases, tenants will need to react quickly to secure available space. Industrial construction in the Columbia market is expected to boom over the next few quarters to keep up with demand.
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