South Carolina October 2023 – Key Take Aways
Alita Webster of Young Office shared that they recently celebrated their 70th anniversary. They are 10 months into their acquisition and are busy planning for 2024. They have seen a better pool of candidates for employees in the last few months. They were recently awarded the Burns Hall project in Clemson and are working on a project with the University of South Carolina. Across the board, their business is very diverse, and they are seeing activity in every aspect.
Brad Toy of Wilson Kibler was at ICSC last week in Atlanta. He said there were more retailers at the conference looking for new sites, but not as many developers at the conference. He shared that Half Moon who sold recently is looking to expand.
Brian Rogers of Home Trust Bank shared that in their staff meeting this week that they didn’t talk about a single past due account –they talked about many opportunities they are working on. Brian is going to Charlotte this week to interview some potential employees. Some larger banks have had some large layoffs. They are trying to stay calm in turbulent waters.
Corey Memmott of Tax Credit Marketplace shared that they have 12 projects to close by end of year. He said that developers are now asking them to make an introduction to lenders.
David Lewis of Context Design Group thinks South Carolina is still in a very good position. In Germany last week, he said that there was concern about the Israeli conflict and how it will affect our economy. He shared that the Scout project in Blythewood has been delayed due to environmental issues (wetlands).
Desmond Williams of Lima One Capital talked more about those working remotely. They are moving to a new building and want to have people in the office. They attended the NPLA Conference last week in Austin and got the private lender of the year award and CEO of the year award.
Drew Aughtry of Home Trust Bank said that 2023 has been tumultuous for the economy and banking industry. Projections for 2024 are a little foggy at best. Funding cost is going to be a big challenge for banks. Credit tightening will continue. Their bank is still in a good position – still looking at deals. They are seeing more tax credit deals.
Edward Wilson of Wilson Kibler shared that they are still extremely busy leasing. Under 40,000 sq ft space is flying off the shelf. Medical space is in strong demand and will remain.
Gracie Law of Lima One Capital shared that with election year coming up they are seeing refinancing to bridge loans.
Josh Lonon of Wyche, PA shared that Wyche, PA just welcomed Justice Kaye Hearn to their firm. She is a former SC Supreme Court Justice. Their leasing work remains busy – large projects are still ongoing – but they do see some delays in closing.
Josh Workman of Tax Credit Marketplace is busy with 4th quarter closings. They are trying to get projects across the finish line. They are 40% over last year. They attended Novogradac Historic Tax Credit Conference in Charlotte recently. The main takeaway is that the group wants to enhance HTC- Go. The earliest we would see this passing is early 25. New renewable energy credits – should surpass all other credits. There is discussion about extending the Abandoned Building Act.
Laura Turner of Cherry Bekaert shared that they are just now coming off their 10/15 deadline. Their office is quiet before year end planning begins in November. Cherry Bekaert acquired MCM in August and PKF Mueller this month. In the past 6 months, they have grown considerably. They had a successful recruiting season with college students. For the first time in many years, they had more candidates than spots available.
Andre Bauer is a real estate investor. He invests in convenience stores and is interested in the Abandoned Building Act. He was invited as a guest by Josh Workman
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