Industrial Insights V2 2023 FINAL - Flipbook - Page 8
MARKET CHALLENGE #1
SC PORTS LOST STEAM IN THE FIRST HALF OF 2023
Consumers continued to decrease their e-commerce spending over the past several months,
leading to reduced cargo shipments through the Port of Charleston. General economic conditions
are the main culprit behind this decrease, which is being felt in almost every port market globally.
Here is a snapshot of TEU (twenty-foot equivalent units) imports in the 昀椀rst half of 2023, compared
to the 昀椀rst hallf of 2022:
And as for what impact the slight decrease in import volume has on Charleston’s industrial market,
it’s pretty clear: as port activity goes down, so does leasing activity. The graph below shows a stark
correlation between TEU volume and overall Net Absorption in the market.
9,000,000
3,000,000
8,000,000
2,700,000
2,400,000
7,000,000
2,100,000
6,000,000
1,800,000
5,000,000
1,500,000
4,000,000
1,200,000
3,000,000
900,000
2,000,000
600,000
1,000,000
300,000
2019
8
2020
2021
2022
2023