South Carolina industrial demand on the rise
- As high quality space is delivered to the South Carolina industrial market, the rental rate will increase.
- Industrial construction activity is increasing throughout South Carolina, but the demand is high enough to absorb it.
Throughout South Carolina there are currently 15.79 million square feet of industrial buildings under construction, and 1.13 million square feet of new buildings were delivered to the industrial market during the second quarter of 2018. The South Carolina market absorbed 1,967,807 square feet this quarter; thus, the market vacancy rate dropped to 7.97% from 8.20% during the first quarter of 2018. The triple net average market rental rate decreased this quarter to $3.66 per square foot; last quarter the weighted rental rate averaged $3.86 per square foot for the remaining available industrial space.
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