South Carolina April 2021 – Key Take Aways
- Haynsworth Sinkler Boyd continues to see a good amount of action in industrial and single family and town home development in the Upstate. They are noticing some offices looking to relocate to the southeast. They are concerned about the cost of lumber and its impact on deals.
- Federal Reserve Bank of Richmond announced that the census 2020 numbers are coming out today. The unemployment rate is almost back to pre pandemic levels in South Carolina. There is concern that many have left the labor force and not looking for new employment. There continues to be a skills mismatch as the available labor force does not have the skills for the available jobs. They are seeing a decline in enrollment in community colleges for the first time in a downturn economy.
- Cherry Bekaert echoed the same concern about mismatch of skilled labor force. Refinancing continues to be active in both residential and commercial. There is concern that the Biden tax plan is on a faster timeline than originally thought.
- Gallagher stated that the labor pool has shrunk but there are plenty of jobs. Companies are having difficulty maintaining and finding employees. Companies can obtain Ordinary Pay Roll Coverage to continue to pay employees in the event of interruption of business. Hurricane season is upon us and we need to be prepared for another above average year.
- Tax Credit Marketplace is excited to announce that the abandoned building tax credit extension has passed in the house. They are seeing a strong demand for tax credits and robust momentum with historic buildings. There still is concern with the cost of materials and with permitting delays.
- Bohler continues to see high activity in the development realm. The industrial market continues to lead the way. They too are concerned about the cost and availability of product and the availability of skilled workers.
- NAI Columbia had a project switch gears from build to suit to lease on account of the construction costs. Industrial space is tight in Columbia. A new industrial park is being announced in Columbia in May.
- NAI Earle Furman is seeing a strong demand for office space. Under 10,000sf is selling as fast as you can list it. The leasing market remains slow but is improving.
- First Horizon Commercial Mortgage Banking stated that it continues to be a borrowers market with rates still extremely favorable. There are a tremendous number of financing options. They are optimistic for the future.
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