Mar
11

Columbia Industrial Vacancy Down to 12.9%

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Buyers outpaced renters in driving down the vacancy rate of Midlands industrial space by nearly 1.3 million square feet in the last half of 2013, according to CBRE Columbia research.

“This demand for space pushed vacancy rates down to 12.91%, a drop of 226 basis points since the fourth quarter of 2012,” CBRE said. “Additionally, asking rental rates were pushed to levels not seen since 2012, increasing to $3.84 per square foot by the end of the fourth quarter.”

As space tightens, CBRE’s report said rates should rise further until new space is brought to the market.

“Some speculative construction is also likely, although it will be limited to developers with ample cash, as financing for such projects remains limited,” the commercial real estate firm said. A number of tenants, many requiring 25,000 to 40,000 square feet of space, are looking for a building, CBRE said.

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