Columbia industrial vacancy at an all-time low
- 20% of all available space was absorbed during the second quarter of 2021
- Scarce availability is requiring users to make decisions further in advance
- Increasing construction costs impact new development
The overall industrial vacancy rate is at an all-time low of 3.97% in the Columbia industrial market. During the second quarter of 2021, 20% of all available space was absorbed. The recently completed Midway Logistics VI building in the Lexington County Industrial Park is home to the only existing Class A space currently available in the market. That leaves tenants with limited product to choose from when attempting to lease new space, relocate or to even expand. While many developers are interested in building new industrial buildings within the region, the spike in construction prices is complicating their efforts to do so. For new construction to be feasible, lease rates are expected to increase for developers to meet their required returns.
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