South Carolina January 2021 – Key Take Aways
- Haynsworth Sinkler Boyd noted that they had a very busy December as clients wanted deals to close prior to year end with fear of increase in capital gains tax. Investor owned construction deals are slow but hope to see increase in 2021.
- Terracon is still seeing high activity in cold storage. They are also noticing an uptick in hospitality activity. In the midst of federal brownfield season, communities are looking to secure grants for redevelopment opportunities across the state.
- Bohler Engineering had a busy end of year. They are seeing new activity in many different sectors. They are starting to see regional shopping centers look at repositioning their assets. They note that clients are starting to look forward.
- Young Office has had a very busy December and January. They are seeing larger long term projects coming to fruition. They say that people want and need to get back in their offices and hope to see that trend moving forward.
- Cherry Bekaert also experienced a busy year end that has continued into the beginning of 2021. They have seen an increase in transactional activity. The 2nd round of PPP began last week. One thing to note is that the employee retention credits have become more favorable.
- Gallagher notes that uncertainty in the market place caused volatility in the insurance market. They are hopeful for relief in 2021 with stabilizing of rates and more competition. They said that there were 22 events in 2020 that were a billion plus in losses. Gallagher stresses the importance of including terms that are worst case scenario in your loan covenants.
- Tax Credit Marketplace ended 2020 with 11 million dollars in tax credit projects. Savage Craft Aleworks in Columbia is opening this week. They are encouraged by their three year pipeline.
- First Citizens Bank ended the year very well and their 2021 pipeline is strong. The mid-range deals were what carried them in 2020. The second round of PPP is also keeping them very busy.
- NAI Earle Furman had their best year ever. Their total volume of sales and lease value for 2020 was $600 million. They saw a decrease in volume, but an increase in income. 24% of their volume was in December. They are noticing a trend in institutional money including international money – interested in secondary and tertiary markets in southeast.
- NAI Charleston also had a great year with a huge surge in December with over 25-30% of their business. Land remains very active with people moving and expanding their businesses to Charleston.
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