South Carolina October 2020 – Key Take Aways

• People relocating to South Carolina from the Northeast is creating lots of activity in the residential and commercial real estate world.
• First Citizens is merging with CIT Bank which will create the 19th largest bank in the country.
• Hughes Development breaking ground on 75,000 sq ft office space in Bull Street Development in Columbia.
• Non-owner occupied construction loans starting to pick up.
• Pandemic has shown that complex supply chains can bring companies to a halt.  Emerging trend is a centralization of the supply chain.
• Renewable energy projects on the rise.
• Charleston is starting to see a correction in retail rental rates.
• Young Office is adding a new business division to their company.  They now service their clients audiovisual needs as well.
• Tax implications of the election are weighing heavily on people.