Southeast Industrial Labor Report_Q1 2024

CHARLESTON, SC

ABSORPTION, NEW SUPPLY, & VACANCY RATES

12

0% 1% 2% 3% 4% 5% 6% 7% 8%

MSF

10

8

6

ABSORPTION, NEW SUPPLY & VACANCY RATES

4

Overall Net Absorption Construction Completions Overall Vacancy Rate

2

0

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

827,384

Projected Population Change (5-Year)

7.2%

Working Age Population (Ages 18-64)

515,610

• Demand slowed while supply increased rapidly in 2023. With record deliveries, Charleston was the second fastest growing market in the nation in terms of inventory growth.

Labor Force

428,068

Median Household Income

$70,475

• Developer interest in the Charleston market remains strong post-pandemic with more than 10.8 msf delivered in 2023 and nearly 4.5 msf currently under construction.

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

44.3%

Target Blue Collar Demographic Volume

48,907

• Charleston offers the most affordable labor of the port-centric markets.

Target Blue Collar Demographic Concentration

0.5

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

• Though it is the smallest key metro in the region with a population of 827,384, Charleston is among the fastest-growing. Over the next five years, the population is expected to increase 7.2% compared to the national rate of 3.3%.

2024 Employment Volume

11,623

23,744

Worker Concentration

0.9

1.0

Projected 5-Year Employment Growth

5.2%

3.9%

Average Wages

$20.55

$21.58

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

Wage Index

96

98

Demographics include Charleston-North Charleston Metro

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Cushman & Wakefield | Southeast Industrial Labor Report