Industrial Market

While there has been a surplus of supply over the first half of the year, we have also seen some significant bulk leases executed. Amazon and others have taken space in the market in Q2, and hopefully, that sets a trend for other users to enter the market. It’s going to take time and patience to fill the big box spaces, but spaces between 10,000 – 50,000 SF are occupied and leasing at a solid rate. We believe tenants staying put will slow absorption, as it’s not feasible for established tenants to move to Class-A rents when they have a low basis in a Class-B building. Charleston remains an active industrial market as the Hugh Leatherman Terminal works on opening all its berths for containers.