Charleston industrial real estate market reports

3Q21 highlights and trends

Momentum in Charleston’s industrial market showed no signs of slowing in the third quarter of 2021, as leasing activity and net absorption grows closer to exceeding pre-pandemic levels. This growth is driving elevated levels of construction and should continue into 2022 as the demand for industrial space has driven the overall vacancy rate to 4.1%.

3.9%

Economic conditions

Unemployment rate in Charleston, down 760 bps from the height of the pandemic.

4.4%

Recovery

Industrial workforce in Charleston has grown by 4.4% in the last 12 months. The recently opened Hugh Leatherman Terminal adds 700,000 TEUs of annual throughput capacity. 

3.5MSF

Industrial demand

YTD leasing activity for Charleston. An anticipated 7.3 msf of industrial product is expected to deliver in the second of 2022, which will push leasing momentum even further. 

7.3MSF

Industrial supply

Amount of industrial space under construction at the end of the third quarter of 2021. Logistics and e-commerce businesses continue to expand as developers strive to meet demand. 

10.2%

Pricing trends

Average asking rents increased by 10.2% since the start of the pandemic and have continued a steady upward trajectory. 

$495M

Capital markets

Total industrial investment volume in Charleston since 2020. Investor demand has outpaced available investment opportunities, creating a surge industrial asset pricing.

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