2020 Q3 Industrial South Carolina Report

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Pandemic shopping trends boost South Carolina industrial demand

Key Takeaways 

  • The South Carolina industrial market absorbed 1.95 million square feet during the third quarter of 2020, dropping the vacancy rate to 6.97%. 
  • There are 26 buildings totaling 4.33 million square feet under construction and 32 buildings proposed to be built which will add approximately 6.57 million square feet throughout the state upon completion.

Quarterly S.C. Market Overview

The South Carolina industrial market is comprised of 447.97 million square feet within 6,961 buildings. During the third quarter of 2020, the market absorbed 1.95 million square feet, 1.86 million square feet was absorbed within warehouse space. Due to the positive absorption, the overall vacancy rate in South Carolina industrial properties decreased significantly from 7.18% during the second quarter of 2020 to 6.97% this quarter. There are also 26 buildings totaling 4.33 million square feet under construction and 32 buildings proposed to be built which will add approximately 6.57 million square feet throughout the state upon completion. The South Carolina triple net weighted market rental rate for the remaining available industrial space increased 5% over last quarter and averaged $4.25 per square foot during the third quarter of 2020.

 

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South Carolina industrial report

2020 Q3 Industrial South Carolina Report

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