Construction News

The latest in Commercial Real Estate.
Oct 04
0
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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Sep 19
0
Charleston Office Market Positioned for Continued Growth in 2019

Charleston Office Market Positioned for Continued Growth in 2019

By | Charleston Office Market

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…

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Sep 10
0
Multiple Downtown King Street Properties Sold for $24.5 Million

Multiple Downtown King Street Properties Sold for $24.5 Million

By | Charleston SC, commercial real estate, SC

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…

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Aug 21
0
Charleston Ranked No. 1 U.S. City for the 7th Straight Year by Travel + Leisure

Charleston Ranked No. 1 U.S. City for the 7th Straight Year by Travel + Leisure

By | Charleston SC, Tourism

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…

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Aug 07
0
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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Jul 19
2
Why Is Office Space Layout Important to Employee's Health and Well-Being?

Why Is Office Space Layout Important to Employee’s Health and Well-Being?

By | Charleston SC, Commercial Space, Design, Office Design

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…

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Jul 08
0
How the Use of Colors Transformed Charleston’s Iconic Landmark Rainbow Row

Use of Colors Transformed Charleston’s Iconic Landmark Rainbow Row

By | Charleston SC, Uncategorized

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…

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Jun 30
0
National Industry Forecast Shows Construction Building Costs Will Remain Steady

National Industry Forecast Shows Construction Building Costs Will Remain Steady

By | Construction

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…

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Jun 15
0
Innovative Office Designs Shaped by Millennial Generation

Innovative Office Designs Shaped by Millennial Generation

By | Commercial Space, Office Design

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…

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May 31
0
Urban Land Institute Looks to Revitalize North Charleston Rivers Avenue Corridor

Urban Land Institute Looks to Revitalize North Charleston Rivers Avenue Corridor

By | Charleston SC

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…

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May 09
0
Population Growth Soars by Nearly 63,000 in the Palmetto State

Population Growth Soars by Nearly 63,000 in the Palmetto State

By | Economic Growth, SC

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…

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Apr 23
0
Mount Pleasant Slashes Construction by a Third with Approval of Limits on Building Permits

Mount Pleasant Slashes Construction by a Third with Approval of Limits on Building Permits

By | Construction, Mount Pleasant

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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Apr 08
0
New Tax Law Opportunity Zones Promote Investment in Economically Distressed Areas

New Tax Law Opportunity Zones Promote Investment in Economically Distressed Areas

By | commercial development, commercial real estate, Economic Growth

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…

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Mar 27
0
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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Mar 13
0
New Waterfront Mixed-Use Development on Daniel Island Planned

New Waterfront Mixed-Use Development on Daniel Island Planned

By | Charleston SC, Construction, Design

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…

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