Demand is Strong for Office Space in Charleston

Demand is Strong for Office Space in Charleston

By | Charleston, Charleston SC, commercial construction, commercial development, commercial real estate, Commercial Space

The growth in the number of people who live and work in the Charleston area have increased demand for office space according to research done by Marcus & Millichap, a California-based commercial real estate brokerage and research company. New business headquarters and centers are interested in renting office space in Charleston as a result of increased employment and population gains in the Lowcountry.  Charleston increased total employment by 1.5 percent since last year with 5,200 new jobs created.  “The unemployment…

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Federal Regulators Approve Expansion of Charleston’s Waterfront Park

Federal Regulators Approve Expansion of Charleston’s Waterfront Park

By | Charleston SC, commercial construction, commercial development

Plans to extend Joe Riley Waterfront Park to the north and front of a luxury apartment building have been approved by federal regulators.  The “River Walk” project will expand by 400 feet of land along the Charleston Harbor and will be accessible to the public. The work to expand this project will begin in 2019 and is expected to be completed by 2021. The waterfront park is the “most visited” park in downtown Charleston, and will extend from the north…

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Revitalization of North Charleston’s South End Fall Short

Revitalization of North Charleston’s South End Fall Short

By | Charleston SC, commercial development

Revitalization of North Charleston’s South End continues to seem illusive with little progress and broken promises.  There is hope that the commercial corridors of Rivers and Reynolds Avenue will be revitalized, as well as the surrounding Chicora-Cherokee community, but it has been a long wait. Omar Muhammad, president of the nonprofit Lowcountry Alliance for Model Communities, sees great potential for this part of town.  “This area down here is really going to grow, just because of the port and the…

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Contractors Expect Big Changes in Next 5 Years Compared to the Last 50 Years

Contractors Expect Big Changes in Next 5 Years Compared to the Last 50 Years

By | Construction

A recent survey found nearly 67 percent of contractors in the engineering and construction industries believe there will be more change in the next 5 years than the past 50.  The survey, “Managing Risk in the Digital Age,” was conducted by the Associated General Contractors of America Management, along with the consulting and banking firm FMI Corp. It focused on how contractors view risk and their perceptions of how their industries would change in the future. The survey found that nearly…

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Efforts Underway to Preserve Beidler Forest as Development Encroaches

Efforts Underway to Preserve Beidler Forest as Development Encroaches

By | commercial development, SC

The Audubon Society’s Francis Beidler Forest is an 18,500-acre bird and wildlife sanctuary located in upper Dorchester County.  The sanctuary is not a place you would find by accident since it is located off  a two-lane country road in Harleyville. New industries and residential neighborhoods are beginning to encroach on the edges of the Beidler Forest and the 45,000-acre Four Holes Swamp as new roads and development go up all around it. “This has always been a very rural part…

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Flexible Office Space is the New Normal for the Future

Flexible Office Space is the New Normal for the Future

By | Commercial Space, Office Design

More and more businesses from startups to established companies are using flexible office space for their employees to provide a lower cost alternative and more user-friendly space to the traditional office setting. Building owners are increasingly embracing the concept of flexible office space and leaving behind preconceived views on leasing office space.  They are becoming curators of building community and facilitating workplace experiences. “For owners, dealing with small tenants has never been something that you wanted to focus on,” said…

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Sgt. Jasper Apartments Finally Breaks Ground

Sgt. Jasper Apartments Finally Breaks Ground

By | Charleston SC, commercial construction, commercial development

Developers finally broke ground recently to build a 12-story 219-unit multifamily housing and commercial complex at the former Sergeant Jasper site on Broad Street in Charleston.   Construction of the multimillion-dollar buildings, called The Jasper, should be completed by 2020.  The Beach Co. is the developer of the upscale project near Colonial Lake. The large commercial building is one of the largest buildings the city’s Board of Architectural Review (BAR) has ever approved. The space will include 25,000 square feet of…

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South Carolina’s Annexation Laws Create Inequities

South Carolina’s Annexation Laws Create Inequities

By | SC

South Carolina’s annexation laws have prevented many cities from growing in an orderly fashion, even though urban areas are the driving force behind the state’s economy. In many cases the current annexation laws favor rural areas due to their longstanding domination in state politics, as well as support of property rights. A bill was introduced this year to reform the annexation laws, but did not go very far in the state legislature. The bill’s sponsor, State Representative Mandy Powers Norrell…

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Retailers Repurposing Square Footage for Office Space

Retailers Repurposing Square Footage for Office Space

By | Commercial Space

Online shopping continues to transform retail, and is reshaping the real estate market as well. Retailers used to house merchandise in department stores with many floors above the street level, and in most cases had buildings without office space.  Now there is a shift, evidenced by real estate investors seeking to have a more mixed-used space. In Manhattan, this trend to edge out retail for office space is becoming more prevalent.  Normandy Real Estate recently invested $133 million to convert…

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Big Changes Ahead for Multifamily Housing

Big Changes Ahead for Multifamily Housing

By | commercial construction, commercial development, commercial real estate

At a recent conference on multifamily development, BMC Investment CEO Matt Joblon predicted big changes in the multifamily housing market during the next two decades. He said “co-living is a real possibility where people are sharing kitchens and common areas and just having bedrooms.  I think that will evolve.  Things will get smaller and tighter, and it will be more about the experience.” He compared this trend to Facebook where people are looking for a digital connection.  He believes that…

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Housing Development Plans Approved in Tri-County Area

Housing Development Plans Approved in Tri-County Area for up to 267,000 More People

By | Charleston SC, Construction

New housing development approvals will allow 105,000 new homes with the capacity to house 267,000 more people in the Charleston, Berkeley and Dorchester counties.  The ability to house new residents will push the number of people living in the tri-county area to over 1 million people. The Post & Courier examined the number of homes approved for new construction in the metropolitan area by gathering information from local governments and reviewing development agreements. The new housing construction will economically benefit the…

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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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