South Carolina September 2021 – Key Take Aways
- Tax Credit Marketplace continues to see lots of out of state developers coming into South Carolina looking at abandoned textile mills for multifamily projects. They have 2 separate developers looking at abandoned flour mills in the upstate for Breweries. Growth around I-85 and I-26 remains active. Andrew Porio has opened the new office in Charleston, and they have hired a new employee for the Upstate office.
- Gallagher reported that hurricane Ida resulted in $40 billion in losses and hurricane Nicholas in $1 billion. These hurricanes have impacted cost of materials. Carriers are requiring more security for multi-level projects. Many are requiring on site security for off hours during construction to prevent theft, fire and destruction. Monitored camera systems are being required for many single level building sites. Flood insurance rates going up probably will see 25% increase this year.
- Young Office will be participating virtually in an office furniture convention next week and will learn about new products that support the hybrid work force. Their business activity remains high with most orders being on the larger scale. Many customers are upfitting their conference room to support a hybrid workforce.
- NAI Columbia reports that the real estate market in Columbia is robust. There is high demand for outparcel type users. They continue to struggle to find sites. A sites are few and far between, some B & C sites are available. Richland county is going through a rewrite of ordinances. Lexington county is under a moratorium. Every county is wanting to stop/slow growth which becomes a challenge for the commercial Realtor. The build for rent market pulling back on account of the tax structure in Columbia for rental properties.
- K&L Gates is a global law firm that helps recruit companies to the US. They do notice a slowdown in Berkley County because of worry of growth. They continue to have companies looking for warehousing and industrial space. As restrictions for international travel decrease, they believe international companies will begin to finalize deals at the end of the 4th quarter.
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