Category

commercial construction

Construction Starts on $54M Charleston Tech Center

Construction Starts on $54M Charleston Tech Center

By | Charleston SC, commercial construction, Construction

Construction recently started on the Charleston Tech Center, an architecturally modern six-story office building located on the upper peninsula of Charleston, SC.  The Charleston Tech Center (CTC) has been in the planning stages for the last five years and finally got the go-ahead by Charleston City Council to break ground under the new federal Opportunity Zones program.  Construction of the long-awaited Charleston Tech Center will be a 92,000 square foot structure of tech-focused office space on Morrison Drive, costing $54…

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South Carolina’s Industrial Market Remains Robust in 2019

South Carolina’s Industrial Market Remains Robust in 2019

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

Collier’s “2019 Research & Forecast Industrial Report” shows demand is high throughout the state of South Carolina in the industrial market.  South Carolina’s industrial properties absorbed 4.81 million square feet, and the industrial market is expected to remain strong with a steady demand throughout 2019.  There are 13.37 million square feet of industrial properties under construction which will provide quality space to the market at increased rental rates, according to the report. Market Indicators Are Strong Accessibility to domestic and…

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Vacancy Rates Go Up with New Construction of Office Buildings

Vacancy Rates Go Up with New Construction of Office Buildings

By | Charleston SC, commercial construction, Commercial Space, Construction, Economic Growth, Uncategorized

As demand for new construction continues to grow in the Charleston market, vacancy rates continue to rise according to Colliers International Research & Forecast Q4 2018 Report.  The expectation is that the vacancy rate will continue this trend into the first few quarters of 2019.  This vacancy rate is on the rise primarily due to 11 new office buildings delivered in 2018 that totaled 433,024 square feet of new construction. The Charleston office market has a total of 13,185,388 square…

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$325 Million Mount Pleasant Development Rises on Charleston Harbor

$325 Million Mount Pleasant Development Rises on Charleston Harbor

By | Charleston SC, commercial construction, commercial development, Construction, Economic Growth, Mount Pleasant, Tourism, Uncategorized

The East Cooper side of Charleston Harbor will soon see the development of an 18-acre parcel that will furnish 1 million square feet of office space, retail, hospitality, and residential space.  The Ferry Wharf development, with views across the harbor of downtown Charleston, is being developed by Bennet Hospitality of Charleston and Atlanta-based Holder Properties.  The development is already under construction with a five-story 120,000 square foot office building called Portside.  The office building is already 45 percent preleased to…

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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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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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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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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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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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