South Carolina October 2021 – Key Take Aways
Wyche has had several companies reach out to them looking for bitcoin mining facilities in the upstate. They are looking for locations with inexpensive power and a relatively cool climate. China had 2/3 of the market and have since banned mining facilities. These facilities have a huge environmental impact on account of the amount of power they use.
Federal Reserve Bank of Richmond is currently in a blackout. They are collecting realtime data on supply chain disruption, price increases and labor shortage.
NAI Charleston sees multifamily and industrial leading the pack. They have had 3 leases in last 30 days to clients that are expanding as products are being diverted – signing 5–10-year leases.
NAI Columbia continues to be extremely busy. They are seeing more activity in the office space. The investment market remains very strong. They report that retail land is being bought up for multifamily developments.
Tax Credit Marketplace has had new transactions in the last month in Pickens County, Greenville and Spartanburg. They have textile revitalization projects in the works in Clifton and in Whitney. They continue to see positive economic trends but employment still a concern for all counties.
Context Design Group remains very busy with many projects most of which are expansions and renovations. Materials for construction are still hard to get and costs are unpredictable. They are designing building around materials that are available.
Young Office is experiencing high demand in the office, heath care and education realms. The supply chain continues to be a problem. They are also having issues with vaccine mandates effecting business. They have some customers that require anyone coming into their building to show proof of vaccination. They are seeing prices increase weekly with quotes being honored for only 24 hours.
Bohler Engineering has traveled to 8 conferences in the last 8 weeks. They are busier than ever on the industrial side. They have had 7 out of state developers for life sciences touring the Carolinas for sites.
Gallagher reported that 12 or 13 lawsuits filed in the condo that collapsed in Florida. The building was only insured for $31 million. It will take a billion dollars to compensate fairly. If you are on a BOD, make sure there is a DNO and ENO in place. Cyber coverage is the most volatile at this time.
CARR is opening up a territory in the upstate. They offer commercial real estate services for health care tenants and buyers. The veterinarian side of health care has been the most successful during Covid. The demand for veterinarians has grown in the last 18 months.
CoStar is still seeing a strong multifamily market with record sales in Charleston and Greenville. Spartanburg continues to be a leader on industrial side.
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