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…
South Carolina is a long shot to win the contract for a new Amazon headquarters in North America. The state has no cities with at least 1 million people, no major international airport or highly developed mass transportation system to meet the logistic demands of Amazon. Many states and cities are vying to have the opportunity to build the approximately 8 million square foot Amazon campus. Charleston has decided to sit out the race for 50,000 new high paying jobs,…
Charleston has over 200 sunny days on average each year, and has the potential to store and harness solar energy as the primary source of power in new building design. There are several building projects underway to make individual buildings “net zero” in South Carolina. These buildings are designed to produce as much energy as they take in each year. The Net Zero Energy Building is one design approach being used in South Carolina to build highly efficient buildings with…
The Charleston City Council approved a new set of zoning rules to limit the recent trend in building heights and design that will help preserve the Southern architecture that is unique to the Holy City. Recent trends have led to larger developments across the city landscape, and even with height restrictions have led to more boxy and tall buildings. “You can look at new modern builds, such as the new development at the corner of King and Spring streets, that…
Charleston Mayor John Tecklenburg announced recently that the city would participate in the Bloomberg Philanthropies What Works Cities (WWC) initiative, as part of a large scale effort to help cities use data and evidence to make city government more effective in its decision-making process. The city of Charleston is one of more than 200 cities in 48 states participating in the initiative. Charleston will be able to work with WWC technical experts to build data bases that help it address…
The population boom and rapid growth has enabled Charleston to reclaim the number one spot for largest city in South Carolina. Columbia ranked in the number two spot, while Greenville gained recognition as the fastest growing city in the nation east of Texas. Charleston just inched past Columbia for the number one ranking, with 76 more people than Columbia. The city has an estimated population of 134,385 as of mid-2016. Ten of the fifteen fastest growing cities are located in…
Legislation has been introduced for a second year by Orangeburg lawmakers to try to give tax breaks to businesses that use the Port of Charleston, and develop facilities within rural areas close to interstates 26 and 95 interchange. The “Port Enhancement Zone Act,” was sponsored by Senator John Matthews (D-Bowman). The legislation would allow distribution centers and warehouses built in low-income rural areas to claim a $1,000 tax credit for each job created as a result of this development. The…
Construction projects in Charleston, Myrtle Beach and Hilton Head Island continue to spur South Carolina’s economic growth. The boost in construction has led to an increase in jobs and demand for housing as a result of building efforts and will continue into 2017, according to economists who spoke at the 36th Annual Outlook Conference held at the University of South Carolina (USC). Doug Woodward, professor of economics and director of the division of research at USC’s Darla Moore School of…
Charleston City Council voted down the contract with the firm selected to develop the West Ashley Master Plan in late December. Dover Kohl was the planning firm selected by the West Ashley Revitalization Commission, and presented to the City Council as the top pick of a dozen bidders for the project. The selection committee includes three council members and five city employers. Dover Kohl is known locally for its involvement in the development of the I’On Development in Mount Pleasant. …
Office building construction is booming along the Interstate 526 corridor, which connects Mount Pleasant to West Ashley. There are a total of 18 buildings that are immediately accessible to the interstate located on Daniel Island and North Charleston. These two areas have seen the most development, the lowest vacancies, and the shortest leasing period when a new building is completed, according to the 2016 third quarter “Colliers International Research & Forecast Report” on office buildings in the Charleston region. The…
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