South Carolina September 2022- Key Take Aways
Mark Cooter of Cherry Bekaert introduced Laura Turner, a new partner in their real estate group. She specializes in historic tax credits. They are seeing much interest in the energy incentives as the standards have been lowered and the incentives increased with the Inflation Reduction Act.
David Lewis of Context Design Group remains busy. He has an assisted living client looking for 10-15 acres in Greenville Spartanburg area.
Will Giambalvo of Gallagher said that they are experiencing rate pressure from carriers. Hurricane Ian will affect rates. We will see what will happen after hurricane season.
Nicholette Ross of Global Location Strategies stated that activity is rolling steadily. Industrial/Manufacturing increasing in activity as incentives increase.
Josh Workman of Tax Credit Marketplace & Bankers Exchange have two new projects. They are rehabbing the Duck-In in Columbia for additional rooms for Hotel Trundle. They also have a multifamily boxcar project in Spartanburg.
Thomas Young of Young Office said that labor challenges continue but demand remains strong.
Chris Schweighart of Aline Capital Investment Real Estate which is a local independent commercial real estate advisory firm remains very busy. The demand for industrial is strong – smaller buildings are tough to find. We live in a popular region for out-of-town investors.
Ryan Wynkoop of Ashcroft Capital in Charleston seeing less deal flow than what they were seeing.
Gary Lyons of Avison Young said that there is only 4% industrial vacancy in Greenville. He shared that there is 35 million sq ft under construction or proposed. On the office side – very little construction 9-10% vacancy. Multifamily continues to have strong absorption with 15-18% increase in rent growth.
Brian Boland with Bellwether Enterprise Real Estate Group is one of the many people moving into SC. He is raising equity for President’s Place in downtown Charleston.
Tripp Sellers of CBRE works in investment properties and echoes many of the same sentiments. He says that they are in a challenging landscape, 1st half of year gang buster’s 2nd half more focused but still very busy.
Richard Barret of Colliers says that business has not slowed down in the industrial realm. There is hesitancy to break ground on smaller spaces because of cost of construction. They are receiving unsolicited offers from buyers out of state.
Mark Selby of Valbridge says that they experienced a record-breaking 1st half of the year and are seeing a slowing down in this second half. Work is getting scrutinized more – harder facts and figures.
Walt Robinson of Wilson Kibler says that demand is high but challenging. More tenants wanting to lease rather than buy.
Jamie McCutchen of Davis & Floyd, a Civil engineering firm says that single family residential is very strong. They are dealing with a shortage of lots. Some of the larger builders slowing down. Material price increase very real and not going down anytime soon.
Holly Douglas Schaumber of Douglas Development focuses on workforce and affordable housing primarily in the Carolinas. Demand is very high. They cannot offset price increase with rent increase. Supply chain issues have led to some tabling of projects.
Karen Calhoun of McMillan Pazdan Smith said that they have multiple electric vehicle manufacturers looking in the Upstate. She shared that it is taking longer to get projects across the finish line.
Jeff Hein of NAI Columbia said that the industrial market is extremely strong. They are seeing more activity in office leasing recently. Columbia does not have much product in office or industrial available. They are seeing some subleasing in the office arena.
Keith Jones of NAI Earle Furman is still seeing great office leasing activity. There is virtually no class A office vacancy in downtown Greenville. Several new buildings proposed for 2024.
Jesse Carter of Streams Development said that they have two projects in Anderson – a multifamily project and a storge project.
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