Combating the speed-to-market challenge
- Tenants are considering executing leases a year or more in advance of delivery to secure space within buildings under construction or planned
- Columbia industrial demand continues to show its strength while existing availabilities are scarce
Columbia industrial demand is strong and availabilities are scarce. The mindset for developers in the Columbia market has historically been “if you build it they will come.” Current market conditions have caused that mindset to shift to “build it because they are already here.” Speed-to-market requirements continue to face challenges because industrial buildings are not being delivered fast enough to meet demand. In 2021, there were only a combined 321,780 square feet of new product delivered among three buildings. Consequently, absorption, while positive, was not nearly as high as it could have been had there been more available property to lease.
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