8 million sq. ft. of new Class-A space is set to deliver to the Charleston market by 2023. This speaks to the resilience of industrial product, specifically in a prized port city like Charleston. The spike in availability will be a landmark opportunity for new tenants to lay down roots in a consistently progressing market. Net absorption is another illuminating figure. Year-to-date, the Charleston market has absorbed 6,718,988 sq. ft. into industrial buildings. That’s a huge number, with a huge caveat: Walmart’s Ridgeville distribution center accounts for nearly 3m sq. ft. of that figure. Still, the remainder of the absorption goes well beyond what a generally healthy market produces. So, even with less lease availability, less land availably, and rising prices, Charleston is still signing major leases and making major progress. We’ve felt the global tightening of industrial real estate, but our local outlook is positive, and the influx of space in the coming quarters will bolster that stance.
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