Five industrial buildings totaling ±459,289 SF were delivered to the market during 2Q17; most notably, Building V of 4269 Crosspoint Drive, which amounts to ±273,000 SF.
Large projects that remain under construction include the ±2.3 MSF Volvo North American Manufacturing facility in Ridgeville, and the ±1.0 MSF Mercedes Benz Sprinter plant in Ladson.
Flex space rates have been on a steep incline, and can be attributed to the demand for space by service-oriented tenants in industries ranging from residential construction sub-contractors to government and manufacturing suppliers.
“With the growth of our region’s largest manufacturing businesses, including Boeing and Mercedes Benz, coupled with Volvo’s 2+ million square foot plant under construction, we have become a destination for global investors seeking to capitalize on the robust job growth that separates Charleston from the rest of the country,” said Dexter Rumsey, senior broker at NAI Avant. “We have a healthy supply of speculative warehouse space under construction, and we anticipate demand to increase further once Volvo is open for business in 2018.”