IRR-Charleston Mid-Year Viewpoint 2015 Local Market Report - Industrial
The Charleston Industrial market has experienced significant growth in the first quarter of 2015. The total combined vacancy rate has dropped from 8% to 6% since mid-year 2014. The lack of available product on the market hinders expansions of existing companies and leaves few options for new companies. As a result new construction activity has picked up significantly for the first time since 2008. Most of the vacant space is in older, less functional buildings.
There are five build to suit developments that are expected to start in 2015 that will include over $1 Million SF. The industrial market is also is experiencing new industry with the announcement of Mercedes Benz investing $500 Million in a new plant and the opening of Boeing's new propulsion facility. The industrial market is expected to continue steady growth over the next year with increasing rental rates and new space coming to the market to meet the demand.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.