South Carolina November 2021 – Key Take Aways
- The Wyche Law Firm is extremely busy in the 4th Much is due to the uncertainty with tax changes as well as uncertainty with 1031 availability. They warn that buyers need to know that a 30-day due diligence is going to be difficult currently. They are seeing a ton of growth in Spartanburg and are currently working on a downtown redevelopment project that will mixed use with 65,000 sq ft of retail space and 3 towers with office space, apartments, and condos. In Columbia, the mayoral race is a major factor and will effect change.
- Tax Credit Marketplace is finishing the year strong. They continue to monitor state & local taxes. They are seeing many projects coming in way over budget. They continue to lobby against changes to 1031. They have good momentum for 2022.
- NAI Columbia continues to be very busy. Industrial remains hot with low vacancy rate. Lack of inventory continues to be an issue. There is a new industrial park in the NE that is in development. They are seeing office space being subleased with over 180,000 sq ft available.
- Cherry Bekaert is experiencing a very busy year end with clients trying to close by end of 2021. Many clients are finalizing tax transfers. There is still much uncertainty with the Biden Tax Plan.
- CoStar announced that 3 metros in South Carolina are fully recovered regarding jobs – Hilton Head, Myrtle Beach and Spartanburg. In Columbia, new housing is leading the way with supply behind net absorption. We are seeing record rent growth throughout the state.
- Gallagher states that lenders are concerned about flood insurance. They have seen some deals go upside down because of flood insurance. Gallagher encourages you to elevate new construction 1-2ft if possible. They see property rates going down while general liability and umbrella remain high. Cyber insurance rates continue to go through the roof on account of ransomware attacks.
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