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…
The new tax law passed in 2018 provides commercial real estate investment opportunities with the establishment of new regulations that permit Opportunity Zones. South Carolina Senator Tim Scott and U.S. Representative Ron Kind (D-WI) were promoters of the concept and helped push through the legislation which gained bipartisan support from both Houses of Congress. The Opportunity Zones were created as part of the 2017 Tax Cuts and Jobs Act to promote investment in regions of the country that were struggling…
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…
A new 22-acre development on Daniel Island has been proposed to be built in phases along the waterfront. River Landing Village will be built at the end of River Landing Drive and Pier View Street and will be a mixed- use development to include 300 condominiums and townhomes, two new public-access piers, and commercial retail space and restaurants along the Wando River. East West Partners, a Colorado real estate company that specializes in upscale residential developments (Denver, Vail Valley and…
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…
Your office space design plays a big role in how well your business performs and how successful you are with employee satisfaction and retention. Here are three important factors to consider when you redesign an office space. 1.Modernize your office space to boost your brand and employee morale. Nearly two-thirds of U.S. employees are not fully engaging in their jobs which reduces productivity and costs the economy between $450 and $550 billion a year in lost productivity. This trend continues…
South Carolina continues to grow at a fast pace, and is the 9th-fastest growing state in the country. A flood of new residents, mostly from out of state, continue to move here. The population for the Palmetto State has nearly doubled since 1970 according to new U.S. Census Bureau estimates. This growth is due to new residents moving here rather than an increased birth rate. Nevada and Idaho were the fastest growing states in the country with a 2.1 percent…
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…
Revitalization of North Charleston’s South End continues to seem illusive with little progress and broken promises. There is hope that the commercial corridors of Rivers and Reynolds Avenue will be revitalized, as well as the surrounding Chicora-Cherokee community, but it has been a long wait. Omar Muhammad, president of the nonprofit Lowcountry Alliance for Model Communities, sees great potential for this part of town. “This area down here is really going to grow, just because of the port and the…
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