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2019 Q4 Charleston Industrial Report

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Absorption is positive despite new construction deliveries

Key Takeaways

  • The overall market vacancy rate has fluctuated over the past year while new industrial construction was underway, and is now 8.87% during the fourth quarter of 2019. 
  • The Charleston industrial market absorbed 2.5 million square feet from the fourth quarter of 2018 through the fourth quarter of 2019, 453,503 square feet were absorbed during the fourth quarter of 2019.
  • There were five new buildings delivered to the market during the fourth quarter of 2019 which added 867,783 square feet to the Charleston industrial inventory.

2019 Industrial Recap

The Charleston industrial market has increased by 17 buildings over the past 12 months adding 2.60 million square feet. The industrial market absorbed 2.5 million square feet from the fourth quarter of 2018 through the fourth quarter of 2019. The overall market vacancy rate has fluctuated over the past year while new industrial construction was underway. The vacancy rate was 9.00% during the fourth quarter of 2018 and then decreased from the first through the third quarters and ended up at 8.87% during the fourth quarter of 2019 after new industrial buildings were delivered to the market. Average weighted rental rates for remaining industrial space increased 5.24%, from $5.73 per square foot during the fourth quarter of 2018 to $6.03 per square foot during the fourth quarter of 2019. 

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2019 Q4 Charleston Industrial Report

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Related Experts

Mark Erickson

Vice President

Charleston

I provide both tenant and landlord representation for clients in the sale, leasing and disposition of industrial properties across Charleston and the Lowcountry region of South Carolina. Whether I am negotiating critical terms in a lease for a tenant or consulting an owner or landlord in the sale or leasing of their space, my role is to meet my client’s real estate and financial goals, both for today and into the future.

Charleston is a small but powerful and unique market, and I pride myself in connecting people and identifying opportunities that others might miss. My goal is to maximize value for my clients, whatever you value most from your real estate, and to exceed your expectations.

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Matt Pickard

Senior Brokerage Associate

Charleston

I focus on site development as well as both landlord and tenant representation for industrial properties throughout the Charleston, SC region and throughout South Carolina. I have established myself in the market by forming key relationships in various industry sectors and learning the market drivers that impact end users. 

I work with clients to coach them on site development by providing creative solutions to overcome issues such as zoning, wetlands, access and utilities.  I have also worked closely with the South Carolina Ports Authority to better understand the full supply chain lifecycle to better serve our clients in their search for industrial space.

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