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2021 Q1 Industrial Charleston Report

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Charleston speculative construction is underway

Key Takeaways

  • Despite new deliveries over the past year, the Charleston market posted positive absorption this quarter  
  • There are 2.1 million square feet delivering this year and another 4.8 million expected to deliver or break ground in the next 12 months
  • Auto manufacturing ramps up in the Charleston market

Demand in the Charleston industrial market has been strong enough to begin speculative construction. However, with 2.1 million square feet delivering this year and another 4.8 million square feet scheduled to deliver or break ground in 2022, overall vacancy rates are expected to rise - even with positive absorption. Until some of the speculative construction is absorbed, rental rates will remain unchanged; however, rising construction costs will force rental rates upward. 

2021 Q1 Industrial Charleston Report

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2021 Q1 Industrial Charleston 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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