Charleston industrial market report

Q1 2023

Charleston’s industrial market continues to boom, with increasing construction activity and plummeting vacancies. As the local port completes major infrastructure projects, demand for proximity to the coast heightens. 


Declining cap rates

The industrial sector is experiencing historically low cap rates this quarter, with an average cap rate of 5.4%.

Average base rents rise

The average base rent in Q1 2023  was $8.89, which is 7% higher than asking rent.

Building size increases

The projected average building size for deliveries in 2023 is 346k sf.
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