Southeast Industrial Labor Report_Q1 2024

COLUMBIA, SC

ABSORPTION, NEW SUPPLY, & VACANCY RATES

12

6%

10

5%

MSF

8

4%

6

3%

ABSORPTION, NEW SUPPLY & VACANCY RATES

4

2%

Overall Net Absorption Construction Completions Overall Vacancy Rate

2

1%

0

0%

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

1,287,123

Projected Population Change (5-Year)

4.4%

Working Age Population (Ages 18-64)

783,921

• Demand for first-generation space was concentrated in the first half 2023 with vacant deliveries adding to the supply level in H2.

Labor Force

603,938

Median Household Income

$54,072

• Low-cost space optionality in the Columbia market drove tenant demand as the year progressed.

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

49.3%

Target Blue Collar Demographic Volume

183,202

• Columbia also offers the most affordable labor in region as the only Southeast market below the $20/hour mark for warehouse wages. This makes it a viable low-cost alternative to neighboring markets with established industrial presences.

Target Blue Collar Demographic Concentration

1.4

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

19,308

43,581

Worker Concentration

1.1

1.4

Projected 5-Year Employment Growth

2.7%

0.8%

Average Wages

$19.90

$20.85

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

93

95

Demographics include Columbia Metro, Sumter Metro, Newberry Micro, Orangeburg Micro, and Aiken County

/ 13

Cushman & Wakefield | Southeast Industrial Labor Report