Charleston-area industrial sites filling almost as fast as they’re built
Developers of Charleston-area industrial sites are managing to find tenants for most of their new projects despite an unprecedented amount of new construction in recent years, according to a report by the commercial real estate firm Colliers. The region’s industrial market filled 2.5 million square feet of space from the fourth quarter of 2018 through the fourth quarter of 2019, researcher Crystal Baker said. The vacancy rate for new construction stood at 8.7 percent at the end of 2019, down slightly from the previous year. Average annual rental rates increased 5.24 percent to $6.03 per square foot during that period.