#ColumbiaAgenda: Industrial CRE Update, Pay Raises for Teachers, Catawbas Want to Gamble, Tim Hardee, Upper Middle Class Pinch, Plastic Polo Shirts
Apr 19, 2019 12:34PM
By Chris Haire
Industrial commercial real estate markets in Columbia kicks off 2019 with a bang: Columbia’s industrial real estate market appears to be taking off, with vacancy rates on the decline in all three industrial sectors: flex, manufacturing, and warehouse/distribution. Rental rates, construction, and net absorption are all on the rise, according to the Q1 industrial forecast report from Colliers International.
With numerous companies joining the area market, business owners are showing confidence in the industrial sector. For example, Best Supply purchased a 37,636-square-foot warehouse in southeast Columbia for $1.34 million, and Vance Works purchased an industrial building in Vance for $475,000.
Rents are up 6.55 percent over Q1 last year, and longer lease terms show that companies expect to stay in the area. Industrial jobs accounted for a quarter of all jobs in the past 12 months, showing companies that the workforce will be able to support new investment.
The Columbia industrial market includes almost 79 million square feet across 1,293 buildings. In the first quarter of 2019, the industrial market absorbed 505,830 square feet, with the southeast area having the highest absorption at 387,506 square feet. There were 11 industrial sale transactions and 12 leases signed in the first quarter.
“High demand, confidence in the market and trade deals closing will result in positive market activities in the coming year,” the report states. “With the desire for longer lease terms and companies moving from the West Coast to the East Coast, the market will likely see increasing rental rates and declining vacancy rates.” --Leigh Savage
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