Charleston industrial market report

Q3 2022

As Charleston's port continues to grow, so does the demand for industrial outdoor storage. Vacancy rates continue their decline, while rents continue to increase for the sixth consecutive quarter.

75 msf

Inventory

Construction activity continues to grow, with about 74% of development in the Outlying Berkeley County submarket. 
 
1.4 msf

Net absorption

Net absorption fell by 1M+ sf from last quarter due to decreasing vacancy rates. 
$6.30

Direct asking rent

Rents continue to grow for the sixth consecutive quarter.
8.4 msf

Under construction

The outlying Berkeley County submarket leads development activity, with 8M+ sf under construction.
1.9%

Vacancy

Vacancy rates have dropped by 189 basis points since Q3 2021. 
$84 psf

Investment sales

At the end of Q3, the sale price per square foot has increased $8 psf since last year. 
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