3Q24: Charleston MSA Industrial Snapshot

Charleston Industrial Market Update – 3Q24

The Charleston industrial market is navigating significant challenges throughout Q3 2024. Vacancy rates have risen to over 13%, marking a record high for the region. This increase is largely attributed to a few large buildings that remain vacant, as tenants increasingly prefer smaller bay buildings. Landlords are holding steady on asking rates but are offering creative financing options and concessions to attract businesses. Construction has slowed as developers are cautious of the high vacancy rates and overall market uncertainty; however, as the Federal Reserve continues to lower interest rates and the economy strengthens, we anticipate an uptick in investor activity throughout the remainder of the year and into 2025.