Industrial market expands to accommodate ongoing demand
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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