Charleston industrial market report
Q4 2024
The Charleston industrial market remained active at the end of 2024. Asking rental rates are rising despite an increase in vacancy, and the construction pipeline is cooling with just 2.9 msf currently underway. As construction activity remains limited, and leasing activity picks up, this will allow the vacancy rate to begin to stabilize and put the market in a good position for 2025.
-60.0%
Construction
Charleston’s industrial construction pipeline has significantly cooled year-over-year. Down 60.0%, this trend is being seen across the country.
3.1 msf
Sublease
The market has seen a record amount of sublease space become available in 4Q24, totaling 3.1 msf as tenants right size from Covid space increases.
4.2%
Rental rates
Asking rental rates continue to rise, up 4.2% year-over-year even though construction has slowed, and vacancy is trending upward.
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