Close to half-a-million square feet of manufacturing and warehouse space rose in the Lowcountry as of the summer, with more than half the total from one development.
The figures stem from the latest quarterly industrial market overviews from the NAI Avant commercial real estate office in Charleston.
Five industrial buildings totaling 459,289 square feet were "delivered to market" or ready to open, including Building V of 4269 Crosspoint Drive off Palmetto Commerce Parkway. The industrial building totals 273,000 square feet.
Among the large projects under construction are the 2.3 million-square-foot Volvo North American Manufacturing factory in Ridgeville and the 1 million-square-foot Mercedes-Benz Sprinter plant in Ladson.
"With the growth of our region's largest manufacturing businesses, including Boeing and Mercedes Benz, coupled with Volvo's 2 million-plus 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," says Dexter Rumsey, senior broker at NAI Avant.
Rumsey notes that lease rates on "flex space" -- properties that can be used for various types of ventures -- "have been on a steep incline." That's attributed to demand from service-based tenants in industries that include residential construction sub-contractors and government and manufacturing suppliers.
“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," he says.
Columbia-based NAI Avant, founded 51 years ago, employs 65 people including in its Charleston office. As a member of the NAI Global Network, the commercial real estate firm is affiliated with more than 400 offices in North America, Latin America, Europe and Asia Pacific managing more than 425 million square feet of property.