Infrastructure Improvements Position Market For Future Expansion

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1 Research & Forecast Report COLUMBIA, SC INDUSTRIAL Q Infrastructure Improvements Position Market For Future Expansion Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > South Carolina s road infrastructure has been a major concern for manufacturing and distribution companies. This quarter, the Senate passed a road bill committing $4 billion in improvements to the most congested segments and bridges of South Carolina s interstates over the next ten years including the intersection of I-20 and I-26. > > The Midlands industrial market is seeing robust interest with investments from Husqvarna, Southeast Frozen Foods, and Jushi USA this quarter. > > The tightening market in Lexington County is spurring interest for speculative development as current construction is limited to build-to-suit developments. Market Indicators Relative to prior period Q Q 2016* VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE Note: Construction is the change in Under Construction. *Projected Rising Rents Leading to Industrial Building Sales The Midlands industrial market is located in the center of South Carolina, well-positioned to access other regional, national, and global markets by rail, interstate, or port. Interest in the market is intensifying with several investments and expansions from foreign and domestic companies in the second quarter of The market s high rental rates and low interest rates are creating a disparity between the cost of leasing versus owning. In some cases it is more affordable for tenants to purchase the buildings they currently lease. In the second quarter of 2016, the market saw a decrease in the vacancy rate to 8.0% from 8.5% at the end of the first quarter of Activity remained steady in most counties with only slight changes in vacancy rates and asking rental rates. Despite the overall flat changes in most counties, users showed increased interest in the Lexington submarket and Sumter county dropping vacancy rates in these areas to 3.2% and 8.5%, respectively. At the end of the first quarter of 2016, the Lexington submarket and Sumter county had much higher vacancies at 4.1% and 11.1%, respectively. Sumter s change in vacancy rate was due to the absorption of 104,600 square feet at 1585 N Wise Drive. In Southeast Columbia, the absorption is due to a 42,000 square- Summary Statistics Q Charleston Industrial Market Market Vacancy Rate 8.0% Change From Q (basis points) Absorption (Thousand Square Feet) New Supply (Thousands Square Feet) Industrial Asking Rents NNN Market $3.36 Source: CoStar, Colliers International

2 foot lease by Murray Supply Company at 1222 Bluff Road. Asking rental rates for industrial properties are steadily rising. This quarter, rents for industrial space increased from $3.34 NNN per square foot per year (PSF/YR) last quarter to $3.36 NNN PSF/YR, a change from $3.16 NNN PSF/YR two years ago. Construction is Limited The growing I-26 corridor runs east to west connecting users to customers and suppliers and continues to be the strongest corridor in the Midlands. Growing demand for space requires new speculative development to support the influx of users to the area. Large companies prefer to lease existing space as it offers them faster speed to market than building new space. The Midlands industrial market is well-positioned to serve large industrial prospects over 200,000 square feet such as the buildings at 2000 Carolina Pines Drive, Farrow Road and 1 Guardian Way. Significant interest at this property and others in the market will lead to new development of industrial parks and speculative buildings. Delivered > > Saxe Gotha, located at 222 Old Wire Road, is a 120,000 squarefoot speculative building in Lexington County. > > 1 Guardian Way in Fairfield County, the former Knauf Insulation building, recently delivered following a full renovation to return the building to a shell state. The renovations included a new roof and new electrical for the entire 676,500 square-foot buidling. Under Construction > > 172 Old Elloree Road, Orangeburg County, South Carolina is a 513,000 square-foot build-to-suit for Husqvarna is still under construction. The facility is expected to be completed by the end of > > Sensor Electronic Technology s 20,000 square-foot expansion at 10 Atlas Court remains under construction in Richland County. The project is part of a $20 million investment they announced in The expansion is set to deliver in the fourth quarter of > > Protective Packaging recently announced a $2.5 million investment. This quarter, construction began to add 60,000 square feet to their facility at 255 Standard Warehouse Road in Kershaw County. > > Continental Tires is building the second phase to their facility at 1805 Highway 521 S in Sumter county. The project will be a 720,000 square-foot expansion to the existing 922,000 square feet on their campus. The building is set to deliver in the first quarter of Investments and Expansions The Midlands industrial market continuously attracts new capital investments with efficient logistics and a strong industrial Continental Tire Sumter County Source: Continental Tire the Americas Husqvarna Expansion Orangeburg County Source: Beacon Development Company Saxe Gotha Speculative Lexington County Source: LCK, llc 2 South Carolina Research & Forecast Report Q Columbia Industrial Colliers International

3 workforce. This quarter saw four capital investments totaling $312.5 million and generating 435 jobs. These investments bring the year-to-sate totals to $344 million in capital investments and 470 new jobs since the start of the year. > > Southeast Frozen Foods is expanding their operations in South Carolina, investing $6 million and adding 30 jobs to Calhoun county. > > Jushi USA, a fiberglass manufacturing company, announced a $300 million investment in Richland County this quarter. China Jushi expects to add 400 new jobs to the county. > > IPS Packaging is investing $4 million for a warehouse and distribution center in Orangeburg County, their first facility in the state. > > Pure Power Technologies invested $15 million to expand their Richland County facility. The investment will generate 79 new jobs. markets worldwide, South Carolina s industrial markets are wellpositioned to see little fluctuation in the health of the markets. There were two investment sales this quarter in the Midlands: > > Farrow Road in Richland County is a 185,000 square-foot building that sold for $3,550,000 > > Reger Holdings purchased 2500 St. Matthews Road, a 319,000 square-foot facility in Orangeburg County for $8.8 million. > > 1103 Powderhouse Road, an 89,727 square-foot warehouse in 2500 St. Matthews Road Columbia, SC Industrial Sales The Midlands Industrial market offers ideal conditions for investment with low interest rates, rising rental rates, and moderate capitalization rates. Although the results of Brexit are affecting Q Industrial Market Summary Statistics Midlands, SC Source: Reger Holdings MARKET BUILDINGS INVENTORY DIRECT VACANT SUBLEASE VACANT TOTAL VACANT TOTAL VACANCY RATE (%) Q NET ABSORPTION INDUSTRIAL MARKET Cayce/West Columbia 92 6,956, , , % 113,019 Columbia CBD 82 2,494, , , % 106,926 East Columbia 55 1,960,354 28, , % 52,571 Irmo/Chapin 15 1,187, % 0 Lexington 35 4,256, % 0 North Columbia 58 1,918, , , % 30,194 Northeast Columbia 45 5,613,770 1,265,546 1,265, % -91,000 Northwest Columbia ,101 15,800 15, % 4,970 Southeast Columbia 187 7,668, ,703 32, , % 40,108 Aiken County 63 10,356, , , % 25,273 Calhoun County 9 562,737 11,200 11, % 0 Clarendon County 9 695, , , % 0 Darlington County 21 3,565, , , % 0 Fairfield County 15 2,342, , , % 0 Florence County 110 8,608, , , % 14,611 Kershaw County 46 7,921, , , % 0 Lee County 8 823, % 0 Newberry County 17 2,485,425 16,800 16, % 0 Orangeburg County 73 7,305, ,970 86, , % 0 Saluda County 3 400, , , % 0 Sumter County 56 5,165, , , % 133,700 Market Total 1,014 82,732,425 6,488, ,298 6,607, % 430,372 Source: Colliers International, CoStar 3 South Carolina Research & Forecast Report Q Columbia Industrial Colliers International

4 Aiken County, sold to Jones Development Company for $1.25 million. Improvements to South Carolina Infrastructure South Carolina s efficient logistics provide companies quick access to suppliers and customers through its ports, rail lines, and interstates. The Port of Charleston and the Inland Port in Greer are invaluable to the success of South Carolina companies. By utilizing the ports, companies are able to move their supplies and products quicker, more efficiently and reduce the cost of transportation of these goods. The Port of Charleston s total volume for the fiscal year to date was over 1.7 million Twenty Foot Equivalent Units (TEU), a 2.2% increase over the previous fiscal year to date. Construction to deepen the Port of Charleston s harbor to 52 feet will allow the port to receive more calls of post-panamax vessels upon the expected completion in The Inland Port in Greer, South Carolina adds to the connectivity of the state by providing a direct route via a Norfolk Southern rail line to the Port of Charleston. The success of the Inland Port has encouraged the South Carolina Ports Authority to make plans with CSX to develop a second inland port in Dillon, South Carolina which should be finalized by the end of the fourth quarter. South Carolina is crossed by five interstates I-95, I-85, I-26, I-20 and I-77 creating heavy traffic impacting the quality of the road infrastructure. A recent legislative bill signed by the government will commit $4 billion to fix the most heavily trafficked sections of South Carolina s interstates, including the intersection of I-26 and I-20 in Columbia. The completion of the improvements along these interstates will be key in the expansion of companies reliant on these routes for distribution of goods. Midlands Industrial Counties 1 Saluda 5 Lee 9 Clarendon 13 Lexington 2 Newberry 6 Darlington 10 Orangeburg 14 Richland 3 Fairfield 7 Florence 11 Calhoun 4 Kershaw 8 Sumter 12 Aiken Port of Charleston Fiscal Year-to-Date (Jul-May) Volume (TEUs) 26 Greer Inland Port Monthly Rail Moves Apr-15 May-15 5,513 5,845 6,736 7,567 7,322 7,214 6,128 6,076 7,824 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 7,457 8,623 8,821 8,182 8,620 1,268,267 1,311,342 1,434,860 1,535,725 1,746,468 1,785, Source: South Carolina Ports Authority, Colliers International Source: South Carolina Ports Authority, Colliers International 4 South Carolina Research & Forecast Report Q Columbia Industrial Colliers International

5 Industrial Employment Industrial employment, the combined manufacturing and wholesale trade employment sectors, are steadily increasing in the Columbia, South Carolina Metropolitan Statistical Area (MSA). According to the most recent data from the Bureau of Labor Statistics, 2,400 jobs were added to the market between April of 2015 and April of 2016, bringing total industrial employment to 48,600 jobs. Industrial employment is 12.4% of total employment in the Columbia MSA and is expected to grow with the delivery of several expansions and new investments announced this quarter. Market Outlook Although global and national markets are currently unstable with political uncertainty due to the upcoming presidential election in the United States and the recent separation of the United Kingdom from the European Union, the Midlands industrial market is expected to see a strengthening market. Investment conditions are expected to continue to improve with high rental rates, moderate capitalization rates and low interest rates which are expected to drop further by the end of the year. Long-term, the market will see positive growth with the expected expansion and investment of companies, new and existing, in the market. Annual and Monthly Change in Industrial Employment Columbia, SC MSA Number of Industrial Jobs Added 2,700 2,250 1,800 1, Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Source: St. Louis Federal Reserve, Bureau of Labor Statistics, Colliers International Feb-16 Apr Total Industrial Employment Around the State Although there is uncertainties, the industrial markets in South Carolina are expected to continue to grow throughout the rest of Infrastructure improvements to the Port of Charleston, plans for a second inland port, and a $4 billion road improvement bill passed by the South Carolina Senate will improve South Carolina s logistics. Additionally, South Carolina s strong industrial employment will support further expansion of the state s industrial markets. The state has seen several investments this quarter creating the need for new industrial development. Robust activity in Charleston, Columbia and Greenville has created tight markets and higher asking rental rates. Charleston, South Carolina > > A resurgence of manufacturing in Charleston is leading to utilization of formerly empty facilities and new developments designed to meet the needs of 20,000-50,000 square-foot tenants. Greenville, South Carolina > > The Greenville/ Spartanburg Industrial market has seen quick absorption of recently delivered speculative space. The large number of users moving to the market are expected to absorb the speculative space set to deliver by the end of the year. Commercial Real Estate Growth Cycle: Where the market stands and where it is going. NEW CONSTRUCTION RENTAL RATE EMPLOYMENT OCCUPANCY PHASE 4: RECESSION PHASE 1: RECOVERY COMMERCIAL REAL ESTATE GROWTH CYCLE PHASE 2: EXPANSION PHASE 3: HYPERSUPPLY THE MIDLANDS, SC INDUSTRIAL MARKET is entering the expansion phase. Rental rates, occupancy and employment are all strong and increasing. New construction remains limited, but build-to-suit and speculative construction will gain momentum as space continues to be absorbed. For more statewide commercial real estate news check out our market reports at: 5 South Carolina Research & Forecast Report Q Columbia Industrial Colliers International

6 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 $2.5 billion in annual revenue 2 billion square feet under management 16,000 professionals and staff FOR MORE INFORMATION: Liz H. McCary Director of Marketing South Carolina Liz.McCary@colliers.com Bryana Mistretta Research Coordinator South Carolina bryana.mistretta@colliers.com COLUMBIA INDUSTRIAL PROFESSIONALS: Chuck Salley, SIOR Vice President & Director of Industrial Brokerage Team Chuck.Salley@colliers.com Dave Mathews, SIOR Senior Brokerage Associate Dave.Mathews@colliers.com Sam Myers Brokerage Associate Sam.Myers@colliers.com Colliers International Columbia 1301 Gervais Street, Suite 600 Columbia, South Carolina USA About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn. colliers.com Copyright 2015 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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