1Q17 CHARLESTON INDUSTRIAL MARKET OVERVIEW
CHARLESTON, SC (May 15, 2017) As expected, Charleston’s industrial market continued to thrive entering 2017. The constant success of the region’s major industry sectors, enhanced by the pro-business policies of a new presidential administration, has allowed for continual creation of attractive opportunities for investors, businesses and developers alike.
The vacancy rate of industrial/flex buildings decreased to 5.5% from 5.9% at the end of the 4Q2016. As vacancy lowers, rental rates rise, reaching $15.48 per square foot (PSF) for flex space and $5.17 PSF for warehouse space at the end of 1Q17. Relentless demand for flex/warehouse space of all sizes is driving consistent speculative construction. This is the first time in years that multiple flex projects, offering ±2,500-5,000 square foot (SF) units, are simultaneously under construction.
Six industrial buildings totaling ±292,002 SF were delivered to the market during the first quarter, while ±6,836,406 SF remain under construction. An approximate ±1,953,353 SF is expected to be delivered to the market by the end of 2Q17.
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About NAI Avant
NAI Avant's commercial real estate business is one of the largest in the Southeast. With over 65 professionals, the firm provides comprehensive brokerage, leasing, development, property and project management services. For nearly three consecutive decades, the group has had more of its brokerage professionals recognized as top producers or recipients of the top awards than any other firm in South Carolina. As a member of the NAI Global Network, NAI Avant is affiliated with more than 400 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 7,000 local market professionals, managing over 425 million square feet of property. NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms and is a wholly owned subsidiary of C-III Capital partners. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. NAI Avant’s Property and Project Management Group currently manages a multi-million square foot portfolio of properties across South Carolina, North Carolina, and Georgia. Through its Avant Healthcare Division, the firm provides comprehensive services to hospitals, clinics, and physician groups. NAI Avant, founded in 1966, is headquartered in Columbia, SC with an office in Charleston, SC. Find out more about NAI Avant and its services at www.naiavant.com. Be sure to follow us on Twitter @NAIAvant and like us on Facebook.
Contact: David Grubbs, Managing Principal, Charleston Office, 843-814-6111, or firstname.lastname@example.org