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…
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…
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…
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…
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…
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…
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…
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…
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…
The Charleston area is experiencing a construction boom across the tri-county area, with construction cranes and bulldozers being seen all over the Lowcountry. New commercial, industrial, and residential buildings are being built in downtown Charleston, across the river in Mount Pleasant, and up the Interstate 26 corridor from North Charleston past the Summerville area. The growth in building construction has led to a huge increase in workload for city planners. Municipal planning offices across the Lowcountry are reporting historically high…
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