“Space: the final frontier.” You may remember these words used at the end of the Star Trek film series. While that expression served well to summarize the great adventures of the starship Enterprise and its intrepid crew, it may also have some application to business today. Space, office space that is, now offers new challenges for business leaders. While it is not the “final frontier,” office space faces a new frontier due to changing worker demographics. Today, workers are living…
If you are planning to construct a new office building, many factors come into play. Those factors include the characteristics of the location, and of course, construction and operating costs. Depending on your objectives, the possibility of central business districts may be on your list of considerations. What are Central Business Districts? Central business districts function as the commercial and business centers of cities. They are usually thought of as a city’s “financial district,” often termed the “city center” and…
Technological advances are beginning to show significant impacts on how office property is managed and operated with the accumulation of digital data that help the commercial real estate industry make informed business decisions. “The biggest trend we’re seeing is this whole digital disruption in our industry, from ubiquitous linked sensors to the technology that’s going into smart buildings,” said Dale Dekker, AIA, AICP principal with Dekker/Perich/Sabatini during a recent presentation at the NAOIP. It’s truly driving commercial real estate in…
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…
Charleston’s office market is poised for sustained growth through the rest of 2019 according to the latest Collier’s Research and Forecast Report. Vacancy rates will tighten as tenants compete for available office space until new buildings become available. The Charleston suburban markets will see a rapid growth this year and will gain new office space as developments are completed. There are currently 832,819 square feet of office buildings undergoing construction or renovation in the Charleston metropolitan area. Charleston’s Upper Peninsula is Booming…
A real estate transaction valued at $24.5 million recently closed for a sale that combined ten King Street properties and six sellers. The King Street deal included the sale of a large downtown parking lot and two historic buildings in the city’s robust shopping corridor. The sale took over a year and a half to close and is one of the most significant deals on King Street. The final real estate deal was done through Charleston Commercial and GS Acquisitions and included…
Charleston has been ranked once again by Travel + Leisure readers as the number one U.S. city for the seventh year in a row. Charleston also ranked 12th on the magazine’s list of 15 best cities in the world, one of just two U.S. cities to make the “World’s Best” award list. Charleston ranked at 10th last year, and number one in 2016 on the world rankings list. The magazine’s editor-in-chief, Jacqui Gifford said of Charleston’s showing, “it’s been exciting…
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…
The space in which employees work and spend their time can have a significant impact on their emotional wellbeing, even going so far as to affect their outlook on life and their productivity. As an employer who’s seeking to maximize productivity and employ a happy workforce, office space layout isn’t something that should be overlooked. Consider the following about the relationships between space and layout and productivity, health, and happiness. Poor Conditions Lead to Unhappier, Less Productive Employees Time and…
Rainbow Row continues to grow and expand beyond the original row, traditionally defined as buildings on the west side of East Bay Street between Trad and Elliott streets. There are more colorful structures to the north and south these days, and they are beginning to transform buildings on Tradd Street to the west. “Color is contagious,” said Kirstopher King, executive director of the Preservation Society of Charleston to the Post & Courier. Rainbow Row is a relatively recent phenomenon, dating…
The JLL 2019 Construction Outlook Research Report shows strong momentum from 2018 carrying the construction industry through 2019. The report indicates there will be steady building costs and vibrant economic fundamentals to sustain the industry. The report predicts a similar 5.1 percent growth from 2018 to this year, and a high level of confidence by contractors for the construction industry to remain strong. Material costs are expected to remain at current levels and the Federal Reserve has indicated there is…
The millennial generation comprises up to one-third of the world’s population of employees and is the largest demographic of workers in the U.S. labor market. This new generation of office workers have unique sensibilities and values, and office design is increasing reflecting these values across the globe. Office Space Layouts are Changing The dense cubicles typical of corporate office space during the last 50 years are now being replaced with new innovative floor space. The cubicle cells are often associated by…
A recent study by the Urban Land Institute proposed an ambitious plan to revitalize the blighted North Charleston Rivers Avenue corridor with affordable housing, private development, walkable streets, and community services. The study’s main recommendations agree with recent Charleston County Council plans to recommend the demolishment of the former Charleston Naval Hospital at an estimated cost of $6 million. Recently the Charleston County Council received a proposal from a potential buyer, so plans to demolish the Naval Hospital are on…
The Palmetto State continues to be one of the fastest growing regions in the country with nearly 63,000 people moving to South Carolina in the last year. More than 80 percent of new residents moving here are from out-of-state locations, according to the Census Bureau. Some areas of South Carolina have seen slower population growth while other counties – including Horry and Berkeley counties – are seeing new residents pour in. Counties adjacent to Charlotte and Spartanburg have also seen…
Mount Pleasant Town Council implemented a building permit allocation system, which would place limits on home construction throughout the entire municipality. The Council has wrestled with the decision in the past and finally approved a plan in January to restrict the number of building permits to slow residential growth by a third. New Permit Allocation System Will Contain Rapid Growth Mount Pleasant is the fourth-largest and fastest growing city in South Carolina. The town experienced rapid growth and now has…
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