Industrial Insights V1 2023 FINAL LR - Flipbook - Page 10
PORT POWER
PRICING FACTOR #2: DISTANCE FROM THE PORT
Another contributing factor in looking at lease rate is LOCATION. Specificaly in Charleston,
we are talking about distance from the Port of Charleston. The port is THE main driver for
industrial demand for our region. With billions of dollars in investment over the past 10
years, The Port of Charleston is now a globally competitive logistics hub.
And from an industrial real estate standpoint, proximity to the port is paramount, largely
because of drayage rates (I.E: time & money it takes for a trucker to transport a container
from the Port, to its destination in a warehouse). We’ve identified 6 zones that have
distinct characteristics and data based on location. Visualizing these zones helps explain
trends in the Charleston’s warehouse market, and how pricing is impacted.
Will industrial boom continue to stretch up the !-26 corridor towards Orangeburg? Or
Northeast up Highway 52 near the banks of Lake Moultrie? No way to know for sure. But
one thing is certain: growth isnt slowing, and developable land is scarce near the coast.
10
Inventory (SF)
Asking Rent/
SF
Vacancy
Rate
Availability
Rate
Under
Construction
(SF)
1
254,250
$5.30
0.0%
62.5%
1,219,722
2
6,637,114
$5.86
14.2%
5.5%
3,109,800
3
15,684,695
$7.27
1.5%
24.1%
7,532,406
4
14,793,086
$7.47
2.6%
13.1%
1,760,725
5
3,734,804
-
0.0%
3.5%
135,200
6
3,993,505
-
0.0%
1.3%
0
HWY
H