2Q24: Charleston MSA Industrial Snapshot

Charleston Industrial Market Update – 2Q24

Vacancy has continued to increase in the Charleston industrial market to nearly 12% in Q2 2024, a 3% overall increase from Q1 2024. A large speculative supply was brought to the market this quarter, slowing industrial absorption. As a result, average market rent is leveling out and bringing increased competition among landlords. Although the election year brings uncertainty and new policies could make a big difference in the overall market, Charleston’s population continues to increase, and we are optimistic that the Tri-County industrial market will see an increase in demand throughout the rest of 2024.