South Carolina May 2021 – Key Take Aways
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• NAI Charleston is glad to see things getting back to normal. Developers are looking for land to develop in the suburbs of Charleston. This is a rebound effect from everyone moving to Charleston from out of state. Multi family, industrial land, and land still continue to boom. Clients are still concerned about employee shortages, material delays and construction costs.
• NAI Columbia agrees that industrial and industrial land deals are super active. They have seen some deals put on hold because of construction costs. There is a temporary moratorium on new, large-scale residential developments throughout the unincorporated areas of Lexington County.
• NAI Earle Furman continues to experience rapid growth. Construction pricing and lead times on materials such as steel remain issues. These issues are not keeping businesses from expanding as expansion is essential to their business and they are having to accept the costs.
• Terracon is starting to see some international recruitment visits due to RF5s across the state. They continue to see high activity with electric vehicles, beverage, and food products. They are experiencing very compressed due diligence timelines.
• Cherry Bekaert is still receiving many refinance questions. The Biden proposed legislation should be introduced late July or early August. The expected infrastructure bill has not yet been introduced. It appears that some of the estate tax law changes will not go into place until 2022.
• Gallagher has started to see a flattening of rates and stabilization in the property market. They noted that hurricane season is upon us and is forecasted to be active. Cyber insurance is a hot topic. They encourage you to advise your clients to have the right cyber coverage.
• Tax Credit Marketplace announced that their 2021 fund came out May 1st and that they are raising $600,000 a week. They expect to sell out by July. They are seeing very little turnover of previous year investors. They have 9 out of state developers looking to get into our market. Their largest deal this year is in Columbia on Lady Street. They have a strong pipeline as they look forward to 2022.
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