Oct
15

Charleston Industrial Market Bleak in Third Quarter

By
By Molly Parker – Charleston Regional Business Journal

Booming exports and a growing defense industry were not enough to boost the industrial real estate market in the third quarter.

At 13.2% in September, the industrial vacancy rate is at its highest in three years, according to Grubb & Ellis Barkley Fraser’s recently released office and industrial real estate report.

Almost 18% of office space in the region also is sitting empty, Grubb & Ellis reports.

“There is little doubt that the ongoing downturn in the housing market and overall economy continues to affect the office market,” the report says.

Reflecting a trend in residential real estate, owners of industrial and office space are dangling sweeteners in front of tenants in the form of rent abatements, building improvements and shorter leases.

On the industrial side, asking rents are stable but sales of existing properties have slowed dramatically as buyers find financing options are limited. This is likely to lower per-square-foot sales prices, Grubb & Ellis said, as the number of qualified buyers in the market dwindles.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/dailyjournal/3_252/full-issue.html#12985
Be Sociable, Share!
    Categories : Charleston

    Comments are closed.