Land deals expected due to industrial demand
- Charleston developers search for land sites to acquire new industrial properties; buildings delivering in the next 12-18 months are expected to be absorbed quickly.
- There are 1.12 million square feet of industrial construction in the Charleston pipeline.
- Increased port capabilities and positive business climate provide attractive opportunities for business expansion and development.
Charleston scrambles for land sites
Charleston continues to attract out-of-market businesses due to ongoing success of the ports and convenient logistics throughout South Carolina. Due to an uptick in home improvements during the pandemic, home goods, furniture and home improvement businesses are thriving and looking to expand or find new space. In addition, developers are in search of land deals throughout the region. Berkeley County has not rezoned much of the available land; therefore, many new interested developers are searching in Dorchester County. Several of the new deals are enhancing the e-commerce and cold storage sector of industrial activity. Projects that went dormant at the beginning of the pandemic are ramping back up now and property that has been void of activity for a while is primed to be purchased. Despite a high level of construction in process, demand will nearly absorb all of the speculative space as it is delivered to the market in the next 12-18 months. Charleston is on target for an active year of new development and business growth.
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