South Carolina in Top Ten Most Popular Places for New Residents

South Carolina in Top Ten Most Popular Places for New Residents

By | Charleston SC, Economic Growth, SC

South Carolina continues to attract new residents and has remained in the top 10 most popular places in 2017 to move and settle.  The state ranks at number 7, a drop of two spots from the previous 12 months according to United Van Lines annual survey of inbound relocations. United Van Lines said that 57 percent of their customers in South Carolina are new residents putting it in the nation’s top destinations for those individuals looking for a new location…

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$66 Million Fix up Cost for Old Charleston Naval Hospital Stirs Up Debate

$66 Million Fix up Cost for Old Charleston Naval Hospital Stirs Up Debate

By | Charleston SC

Charleston County’s cost to fix up the former Charleston Naval Hospital continues to go up and become more complicated. Debate among county council members circles around renovating for up to $66 million, selling or demolishing the 10-story building. Charleston County acquired the property last year for $33 million after settling a large lawsuit with a development group with investors that included Donald Trump Jr.  The developers had bought the property from the city of North Charleston for $5 million and…

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Will Mount Pleasant Development Deals be Curtailed by Surge in Impact Fees

Will Mount Pleasant Development Deals be Curtailed by Surge in Impact Fees

By | Mount Pleasant

Mount Pleasant recently earned the recognition as one of the fastest growing cities on the Eastern Coast, as newcomers flock to the South Carolina coast. The town’s residents have exploded from 48,000 in 2000 to 86,668 in recent estimates. New development has been cropping up all over town, but will the town’s soaring impact fees put a damper on future growth? Town Council recently increased the impact fees as concerns were raised that development is  not paying for itself, and…

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Charleston and North Charleston Ranked Among Five Most Prosperous U.S. Cities

Charleston and North Charleston Ranked Among Five Most Prosperous U.S. Cities

By | Charleston SC, Economic Growth

Charleston and North Charleston are ranked among the top five most prosperous cities in the United States according to a recent study by California-based online apartment service RentCafe (rentcafe.com).  The study evaluated cities with at least 100,000 occupants and used six prosperity indicators between 2000 and 2016 to rank them.  These economic factors included changes in population, median household income, home values, higher education degree, poverty rate and unemployment over the time period. Charleston ranked at No. 3, just after…

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The Best Options to Design the Perfect Office Space Up for Debate

The Best Options to Design the Perfect Office Space Up for Debate

By | Design, Office Design, Space Planning

There is no right answer when it comes to the design of the perfect office space among the corporate world, landlords and designers. A panel of experts at a Bisnow conference, Workplace of the Future, agreed that there is much to be debated still about how best to design an office. “We could charge an hourly rate for the conversations we have on what belongs in the building – not the shape of or the color of glass, but what…

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Locals at Odds With State Authorities in Mount Pleasant

Locals at Odds With State Authorities About Home Rule in Mount Pleasant

By | Construction, Mount Pleasant, SC

Mount Pleasant residents were shocked when developers broke ground to build a new 269-unit apartment building off of Rifle Range Road.  The town’s residents had been packing Town Council meetings for two years to raise concerns about overdevelopment in Mount Pleasant, and felt they were being ignored.  Little did they know that the development had been approved eight years ago as part of the 2004 Vested Rights Act, which was passed by the State legislature to allow developments approved before…

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Volvo Cars Campus Fueling Speculative Development in Berkeley County

Volvo Cars Campus Fueling Speculative Development in Berkeley County

By | Charleston SC, commercial construction, Economic Growth, Industrial Property, SC

A Spartanburg developer is the latest firm to capitalize on the industrial growth expanding along the Interstate 26 corridor in Berkeley County.  The Upstate firm hopes to build one of Charleston’s largest distribution centers in the region. Johnson Development Associates has filed a permit application with the Army Corp of Engineers to fill 8.2 acres of wetlands at a 91-acre site in Jedburg.  The 829,000 square foot speculative building would be built on the eastbound side of I-26 near the…

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Development of Popular NoMo Area May Be Victim of Own Success

Development of Popular NoMo Area May Be Victim of Own Success

By | commercial development

A local developer of the upper peninsula hot spot known as NoMo for its north Morrision Drive location, says the area is getting too popular and expensive.  Developer Stephen Zoukis, responded recently to the sale of a 7.2 acre site at 838 Morrison Drive for $9.1 million to a local Mount Pleasant investment firm, and the announcement by the International Longshoremen’s Association (ILA) to sell their property for a likely higher price. Mr. Zoukis told the Post & Courier that…

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New Downtown Condominiums A Rare Development

New Downtown Gadsden Condominiums A Rare Development

By | Charleston SC, commercial development

The new condominium development near the South Carolina Aquarium is a rare project in new residences for the Charleston downtown region.  The construction of the new four-story Gadsden development is near completion, with 76 units to be available at Laurens and Concord Streets by the end of the year.  The $60 million development is one block from the waterfront at Gadsdenboro Park, and features one, two, and three-bedroom units.  The condominiums will start at the low $400,000 and go up…

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Economists Give Charleston Slow and Steady Forecast for 2018

Economists Give Charleston Slow and Steady Forecast for 2018

By | Charleston SC, Economic Growth, SC

Four economists gave South Carolina a good economic report for the coming year, stating the economy will continue to grow much like in 2017 at a “slow and steady” pace. University of South Carolina economist Joey Von Nessen said that “if you liked 2017, you’ll probably like 2018 as well,” at a meeting of local Charleston real estate professionals.  Charleston economist Stephen Slifer with NumberNomics gave an optimistic report of “better than ever” for the local region, and stated that…

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Mixed-use Development Spurs Growth in New Retail Stores

Mixed-use Development Spurs Growth in New Retail Stores

By | commercial development

Some developers are building more stores, despite the recent glut in retail space.  Instead of building them in malls, they are developing smaller clusters of retail space in new housing developments, called mixed-use developments. Many young people as well as retirees are looking for cheaper housing in the suburbs, but with an urban vibe and access to restaurants, shopping and offices. These projects are usually joint ventures between a residential developer and a commercial developer who specializes in retail.  The…

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U.S. Economy Strong as Construction Spending Remains High

U.S. Economy Strong as Construction Spending Remains High

By | commercial construction, Economic Growth

  The U.S. Commerce Department reports that during the last quarter of 2017, U.S. builders spent 0.8 percent more on construction projects, for a fourth consecutive monthly gain. This is considered an all-time high of $1.257 trillion in November, 2017, with an increase of 2.4 percent since the previous year. Private construction spending was also up by 1 percent in November 2017 hitting an all-time high. The increase in construction spending and a separate robust economic report from the manufacturing…

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Port of Charleston Benefits from Southeastern Economic Boom

Port of Charleston Benefits from Southeastern Economic Boom

By | Charleston SC, Economic Growth

The rise in trade and investments is fueling the U.S. Southeast’s economic growth as more shipping companies choose the Port of Charleston. The Southeast is experiencing a surge in both economic and demographic growth with South Carolina playing a key role in the economic boom. As a result businesses and international companies are looking at production, transportation and logistics operations in the region, with an increasing number of companies choosing South Carolina and the Port of Charleston to take advantage…

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Charleston Economic Report Gives Mixed Reviews

Charleston Economic Scorecard Reports Mixed Reviews

By | Charleston SC, Economic Growth

The 2017 Regional Economic Scorecard gives mixed grades for Charleston metro area in its latest economic report card. The biggest challenge for the region’s growing economy is to create affordable housing near jobs. The area is becoming more congested with traffic since most workers cannot find housing near their jobs.  The Charleston Metro Chamber of Commerce and Charleston Regional Development Alliance released the economic report at the end of 2017, which measures Charleston’s economic health compared to the national averages…

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Historically Low Vacancy Rate Continues in Charleston

Historically Low Vacancy Rate Continues in Charleston

By | Charleston SC, Commercial Space

The vacancy rates in Charleston and surrounding markets are historically low, and will continue as a result of on going tight market conditions.  The vacancy rate at the end of the third quarter of 2017 went down from 7.9 percent to 7.4 percent, according to the latest Collier International Research & Forecast Report for the Charleston region. As a result, rental rates since 2016 have increased by 14.3 percent from $23.55 per square foot to $26.92 per square foot in…

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