New construction underway is necessary, vacancy is at an all-time low
- Five buildings totaling 1.5 million square feet began construction in 2022
- Vacancy is at an all-time low of 3.49%
- Class B availabilities will help alleviate tenant demand until new product is delivered
One building located at 321 Logistics in the Lexington County Industrial Park delivered last quarter and was fully leased upon delivery. During the second quarter of 2022, construction began on three speculative industrial buildings, all three of which are experiencing pre-leasing interest from prospective tenants. Class B and C vacancies offer an option for tenants seeking immediate space in the market.
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