Summerville is set to experience a rapid growth in office buildings in the Charleston region. The latest analysis from Colliers International Research and Forecast Report states there are several key factors which make the area ripe for growth in office space:
- The Summerville submarket has an established residential growth market.
- There is a large supply of residential land available in highly sought after public school districts, which will spur further residential growth.
- The area already has 2.5 million square feet of office space that is entitled around the US 17 and Sheep Island/ Nexton Parkway interchanges.
- There are many new and established manufacturers, warehouse spaces, and retail employers located in Summerville.
Summerville’s three zip codes plus Moncks Corner represent 22 percent of the metropolitan area’s population making it an ideal location for office space. In the last seven years the number of people living in these three zip codes has increased by 30,235 or 4,319 people per year. The majority of new residential growth has occurred in the two southernmost zip codes 29483 and 29485.
The rapid growth in this area is expected to shift to the 29486 zip code due to three factors. The new Cane Bay High School will attract a growing population, and the roadways have been improved and expanded to enable better access to the area. There are also tens of thousands of single family lots available within master planned communities that already have the basic road and utility infrastructure in place.
Summerville has a large number of employers already established, which will help attract other employers to the submarket. These employers include Comcast, Mercedes-Daimler, Roper St. Francis, and Boeing’s aircraft interior facility in the Palmetto Commerce Park. Volvo is building a manufacturing plant near Ridgeville, and Google, Santee Cooper and Century Aluminum are located north in Goose Creek and Moncks Corner. There is also 3.5 million square feet of retail space in the region which has established Summerville as a great place to invest and do business. There is an abundance of office space entitled in this submarket (2.5 million square feet of office space). Two office buildings have already been completed in the Nexton community with plans for an additional 156,000 square feet by 2019. Office growth should accelerate with the completion of the Sheep Island interchange and the development of the Nexton Town Center.
Source: Collier International Research & Forecast Report, Q2 2017 “Summerville Office Submarket Awakens,” by Ron Anderson
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