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2019 Q4 Industrial South Carolina Report

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Industrial market expands to accommodate ongoing demand

Key Takeaways 

A record-breaking 15.88 million square feet of industrial buildings were delivered throughout South Carolina in 2019; however, the vacancy rate still dropped 117 basis points from the fourth quarter of 2018 through year end 2019.

During the calendar year 2019, the South Carolina Ports Authority reached a record-breaking container volume.

2019 Industrial Annual Recap

During 2019, the South Carolina industrial market grew significantly- there were 77 new industrial buildings delivered to the market adding 15.88 million square feet, and there are currently 8.33 million square feet under construction. In addition, another 5.83 million square feet of industrial buildings are proposed to be built statewide. In addition to a record number of building deliveries during 2019,  the South Carolina industrial market absorbed 20.03 million square feet. Therefore, the market vacancy rate dropped 117 basis points from the fourth quarter of 2018 down to 6.36% during this quarter. The overall average South Carolina industrial weighted rental rate rose from $3.78 per square foot during the fourth quarter of last year to $4.53 per square foot during the fourth quarter of 2019. 

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2019 Q4 Industrial South Carolina Report

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Related Experts

John Montgomery

Managing Director

Spartanburg

I am a Managing Director of Colliers | South Carolina in the Spartanburg office, specializing in industrial buildings, industrial land and tenant representation. 

My experience includes master-planning and developing thousands of acres of real estate as well as attracting significant economic development projects worth billions of dollars and thousands of jobs including Toray Carbon Fibers, Ritrama, Kobelco, Keurig Dr. Pepper, Magna Seating and Techtronics Industries.

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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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Chuck Salley

Managing Director

Columbia

I have experience in all aspects of industrial brokerage including: leasing, sales, build-to-suit, site acquisition, investment sales and consulting. I have been with Colliers since 1981 and have completed over 1,500 transactions in my career. I am an expert in the industrial market and am proud to have represented many national and international companies with their real estate needs in the greater Columbia market. I have also provided valuable consulting work, site acquisition and leasing services for many national developers including: Magnus Development Partners, Scannell Properties, Collett Industrial, Panatonni Development, Red Rock Development, Kirco and Miller Valentine Group.

I am inspired by the drive of my clients and customers to grow their businesses, create jobs and invest in our community. I enjoy the thrill of taking on the challenge to find real estate solutions for them to help them progress their business goals.  My experience in Columbia gives me a solid platform to deliver solutions that enable these companies to grow.

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Garrett Scott

Managing Director

Spartanburg

With more than 30 years’ experience in brokerage and industrial development in the Upstate of South Carolina and beyond, I offer expert advice and a unique perspective which gives my clients the edge in a competitive market. 

My experience includes the planning, acquisition and implementation of more than 31 industrial parks in key manufacturing and distribution markets. In addition, I have been responsible for the development of more than 38 million square feet of industrial space including Class A manufacturing, automotive supply, warehouse, logistics fulfillment and e-commerce related facilities. 

More than 140 clients have relied on me to manage the start-up and implementation of their facilities. This background brings invaluable experience and understanding which allows me to meet the needs of tenants, developers and investors “from dock-door to C-suite”.

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Dave Mathews

Vice President

Columbia

As part of the Colliers platform of services, I serve both tenants and landlords with their respective industrial  needs. I assist tenants with comprehensive site selection, acquisitions and dispositions and lease negotiations. In addition, I offer similar services to institutional landlords, which include strategic planning, detailed reporting and market analysis, marketing and lease/sale negotiations. I work with an integral team and find that our teamwork is one of our biggest advantages in completing deals for our clients that exceed their expectations.

Working in industrial brokerage, I have the opportunity to see the vast progress of companies and help to play a part in a client’s business development. I find that, for me, success is finding the best possible outcome for a client within their constraints and knowing that I have brought significant value to their growth.

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Richard Barrett

Senior Brokerage Associate

Greenville

I specialize in flex office and industrial brokerage at Colliers International’s Greenville, SC office. I have many years of experience in the industrial business world and understand the demands that businesses experience regarding real estate. I strive to make the process as smooth as I can for my clients and offer them empathy and knowledge for getting the best space for their needs. I am inspired and motivated by the beauty of business growth. Seeing a company start from a small garage startup and grow into a powerful industry leader is exciting, and I am proud to be able to play a part in helping clients get started in a building of their own.

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Brockton Hall

Vice President

Greenville

Brockton Hall is a Vice President with Colliers International in the Greenville and Spartanburg offices. He is a member of the Upstate industrial team along with long-time real estate professionals, Garrett Scott and John Montgomery. This team specializes in the needs of industrial landlords and occupiers throughout the Southeast. 

Hall comes from a commercial construction background with years of experience in the commercial sector working on projects including K-12, office and institutional. He also has significant renovation and retrofitting experience. His construction background allows him to assist occupiers with their building specifications and advise them during the build-to-suit and new construction process. For developers and investors, he is well-equipped to advise on construction-related issues involved in tenant upfits, value-add projects and new development.

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Thomas Beard

Vice President

Columbia

I specialize in leasing, user sales and investment sales of industrial properties.

Since a young age, I have had a profound interest in and exposure to commercial real estate. I have long found industrial brokerage to be intriguing because it serves as the foundation of many different types of businesses and processes. It is very rewarding to have the opportunity to play a role in the goals and progress of each of our clients as a trusted industrial services advisor.

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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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Dillon Swayngim

Vice President

Spartanburg

I specialize in industrial and flex properties through landlord and tenant representation as well as industrial investment sales. 

I define success in my work as going above and beyond for clients and when the projects that I work on produce a substantial impact on local and regional economic development. My client roster has included large companies such as Amazon, institutional investors and small local businesses. Each of my clients are treated in the same manner as they expect responsiveness, professionalism and market expertise, and I take pride in being able to deliver each for them. Being able to identify operational inefficiencies and identify solutions for my clients is one of my biggest assets.

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