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THE LOOPColdwell Banker Commercial Atlantic Newsletter
Coldwell Banker Commercial Atlantic 3506 W Montague Ave. Charleston, SC 29418
Main: 843-744-9877 Fax: 843-744-9879 www.cbcatlantic.com
LOCAL KNOWLEDGE, GLOBAL PERSPECTIVE.
April 2015
First Quarter
• Brent Case, CCIM of Coldwell Bank-er Commercial Atlantic representedthe Landlord, University Center,in the Lease of a 1,241-square-footretail space at 8983 University Boule-vard, Suite 103, in North Charleston.
• Brent Case, CCIM and John Trueof Coldwell Banker CommercialAtlantic represented the Tenant,NewBridge Bank, in the Lease of a3,000-square-foot office building at865 Island Park Drive in Charleston.
• Lea Givens of Coldwell BankerCommercial Atlantic represented theSeller, David B. Jones Jr., in the Saleof 0.75 Acres of vacant commercialland at 661 King Street in Charlestonfor $1,550,000.
• Mike Rose, CCIM and Tradd Varnerof Coldwell Banker Commercial At-lantic represented the Seller, JohnstonGroup, LLC, in the Sale of 2.84 acrevacant land at 0 South Morgan Roadin Mount Pleasant for $1,700,000.
• Benjamin A. Poblano and Tradd Var-ner of Coldwell Banker CommercialAtlantic represented the Landlord,Navajo St, LLC, in the Lease of a3,220-square-foot of warehouseat 3358 Cherokee Street in NorthCharleston.
RECENTTRANSACTIONS
A WORD FROM OUR PRESIDENT, BRENT CASE
Coldwell Banker Commercial Atlantic 3506 W Montague Ave. Charleston, SC 29418
Main: 843-744-9877 Fax: 843-744-9879 www.cbcatlantic.com
LOCAL KNOWLEDGE, GLOBAL PERSPECTIVE.
April 2015
First Quarter
Charleston continues to be a highly sought after place to work and reside. The Post and Courier recently stated this area grew “1,300 people each month between the summers 2013 and 2014.” Charles-ton is one of three of the fastest growing metro areas on the Atlantic Coast. Everyday new projects are emerging to compensate for the influx of people. Seeing commercial real estate consistently in the headlines is a delight and sure sign that 2015 will continue to be an active year for Coldwell Banker Commercial Atlantic and the tri-county area as a whole.
The commercial real estate forecast is that rental rates are up across the board and predict-ed to gradually increase. Millennials are being targeted as more Class A buildings are de-veloped in the Peninsula, Goose Creek, West Ashley and Mount Pleasant. This is a hot topic amongst the development/new construction sectors. In the retail industry, shop space is being leased at premium rates. As Class A space is absorbed, Class B, and C space is being observed and competing for attention.
I would also like to bring attention to a spectacular event that is taking place in Charleston this month. The North Charleston Business Expo is debuting at the Coliseum on Thurs-day, April 23 for the first time under management by The City of North Charleston. As the Expo Committee Chairman I want to encourage professionals and businesses to come attend, network, learn about the area’s professionals, and listen to a line up of high profile speakers.
For more information on the commercial real estate market or available properties, you can reach Brent Case at [email protected] or by phone at 843-725-6255.
MARKET WATCH:
869 Folly RoadRetail/Restaurant
Lease Rate: $34.79/SFMLS: 1500356
Brent Case 843-725-6255
605 Trolley RoadGas/Service Station
Sale Price: $1,100,000MLS: 1420814
Mike Rose 843-725-6391
1871 King Street Ext Distribution WarehouseSale Price: $1,375,000
MLS: 1427266Tradd Varner 843-725-6897
Coldwell Banker Commercial Atlantic 3506 W Montague Ave. Charleston, SC 29418
Main: 843-744-9877 Fax: 843-744-9879 www.cbcatlantic.com
LOCAL KNOWLEDGE, GLOBAL PERSPECTIVE.
April 2015
First Quarter
INDUSTRIAL BY KATHLEEN BOSWELL
In addition, BMW Manufacturing Co., the largest exporter at the Port of Charleston, announced it will boost production at its Greer plant to nearly double by 2016 through the South Carolina Inland Port (SCIP). The number of containers that moved through local terminals in February compared to the previous year increased 16.9 percent and the total is expected to top 1 million containers before the end of this fiscal year.
In response to area growth and industry demand, Mead Westvaco development is proposing 1,674,738 SF of speculative construction in two different industrial parks in Berkeley Coun-ty; Patillo Industrial Real Estate is proposing 260,000 SF on Palmetto Commerce Parkway; and Jamestown partnering with Childress Klein is proposing 275,000 SF, also on Palmetto Commerce Parkway. The need for cold storage has increased with the re-leasing of 120,000 SF in the former Piggly Wiggly cold storage warehouse to Argo Merchants. Lineage Logistics announced groundbreaking for a 340,000 SF cold storage facility on Palmetto Commerce Parkway while New Orleans Cold Storage will add approximately 50,000 SF to their exist-ing facility on Remount Road.
Overall, the Charleston Market Cycle is in an expansion phase. Vacancy rates for Industrial Class A space slid to 2.8% compared with a 3.2% mid-year rate and a 7.9% national rate. Lease rates have increased along with higher absorption, and many existing tenants are ex-panding as demand increases for their products.
For more information on the Charleston market or available properties, you can reach Kath-leen Boswell at [email protected] or by phone at 843-725-6895.
Last month marked the announcement of Mercedes-Benz, Daimler AG plans to build Sprinter commercial vans at a $500 million factory it will construct next to its existing plant located in Palmetto Commerce Parkway in North Charleston. The company delivers to customers in 130 countries worldwide with the United States as Daimler’s sec-ond-largest market, behind Germany. Meanwhile, the aerospace in-dustry continues to see significant job growth as key suppliers of parts for Boeing Company’s Dreamliner program, join this area’s growing aerospace cluster with manufacturing facilities in Palmetto Commerce Park. Companies want to move closer to Boeing to improve logistics and provide better value.
Photo Credit: Post & Courier
Coldwell Banker Commercial Atlantic 3506 W Montague Ave. Charleston, SC 29418
Main: 843-744-9877 Fax: 843-744-9879 www.cbcatlantic.com
LOCAL KNOWLEDGE, GLOBAL PERSPECTIVE.
April 2015
First Quarter
OFFICE BY TRADD VARNERCharleston continues to be an attractive option for Technology, Biomedical, Manufacturing, Tourism and Trade related industries. Tech related jobs are estimated to account for 3.2% of Charleston’s workforce and anticipated to climb to 5.6% over the next few years. I anticipate a continued demand for live-work com-munities that house many of these business and employees. Charleston’s real estate market is very much in the expansion phase of the cycle, we are seeing decreasing vacancy rates, moderate new construction, and moderate rental rate growth.
By the numbers, the Charleston office market has taken a step back from the previous 3 quarters, posting surprisingly low data. Through the first quarter of 2015 we have seen a steep decrease in both the number of transactions and square footage absorbed. I believe this not to be a sign of a weakening market but rather an
indication of the short supply of suitable Class A & B inventory. According to CMLS Data office sales totaled $12,514,250 (14 transactions), representing 96,932 square feet at an average of $129.10 per foot. During the same period a total of 199,729 square feet of office (84 transactions) were leased, down 13.5% from the previous quarter transactions and down 9% in square footage leased.
For more information on the Charleston market or available properties, you can reach Tradd Varner at [email protected] or by phone at 843-725-6897.
“According to data provided by the U.S. Bureau of Labor Statistics,job growth has been running at favor-able rates; all (quantitatively speak-ing) were left behind long ago reces-sion-related losses” -Reis Observer
MULTI FAMILY BY JOHN TRUEThe Charleston multifamily market continues its expansion as development activity has continued to grow. National as well as local developers have started 2,100+ units in the past 6 months. Demand continues to be very strong creating a continuous uptick in rental rates over the past several quarters and for the foresee-able future. Class A new product continues to be targeted by the young professional crowd with an especially strong demand in the Mount Pleasant market. This has created a strong interest from institutional investors from all over the country.
Notable Recent Sales:Mount Pleasant has seen two record breaking recent sales:
• Edgewater Plantation off of Long Point Rd.The 360 unit community traded for $58 mil-lion or $161,000 per door.
• Woodfield LongPoint just down the streetfrom Edgewater. This 258 unit property trad-ed for $55.5 million or $215,000 per door.
Both these transactions represent the national comfort level that our economy is going strong here in Charleston.
For more information on the Charleston market or available properties, please contact John True at [email protected] or by phone at 843-568-3140.
RETAIL BY DAVID MANTEKMARKET TRENDS
The data reflects regional and local demands for commercial real estate, developing multi-year forecasts of rent growth, vacancy rates, and absorp-tion. Source: Reis
Coldwell Banker Commercial Atlantic 3506 W Montague Ave. Charleston, SC 29418
Main: 843-744-9877 Fax: 843-744-9879 www.cbcatlantic.com
LOCAL KNOWLEDGE, GLOBAL PERSPECTIVE.
April 2015
First Quarter
“Demand has benefit-ted from favorable job growth trends, includ-ing Boeing’s expansion plans and the growth of hightech businesses that are drawing young residents in favor of ame-nitized renting rather than owning real estate.” - IRR Viewpoint
The National Retail Federation recently revealed it expects retail sales to jump 4.1% this year! With lower gas prices, rising wages and job growth prompting U.S. consumers to splurge a bit more, the retail sector is reaping the benefits. If NRF’s predictions are accurate, this would be the fastest rate of growth since 2011. Charleston’s retail vacan-cy’s have outpaced most of the nation with a low 6.03% rate.
The retail market in Charleston seems to be setting up for strong sustainable growth run with manufacturing announce-ments bringing solid middle class jobs and our tourism appeal on the rise. Conde Nast Traveler has again named Charleston the best city in the United States (which is the 4th year in a row)!
If I had to sum up the retail forecast next quarter this is it: a combination of declining vacancy rates, rising rental rates and as always Charleston winning the popularity contest.
For more information on the Charleston market or available properties, you can reach David Mantek at [email protected] or by phone at 843-412-3663.
By: Amber Foster
After attending expos and trade showsfor years, Brent Case, Coldwell Banker
Commercial Atlantic President, considers himself somewhat of an “expert attendee.” He decided to step it up a notch this year by chairing the first annual North Charleston Business Expo Committee.
Planning and preparation started in late September, while the Expo date is set for April 23. Targeted at connecting the region’s business community, the North Charleston Business Conference and Expo is North Charleston’s inaugural business event show-casing regional companies, complemented by a lineup of high-powered speakers. This must-attend event offers the business com-munity, from small business entrepreneurs to executives, an opportunity to network with local professionals, engage with exhibitors, and discover resources for business growth.
In order remain inclusive to all businesses, the entry level exhibition prices are kept to a minimum, starting at only $200, less than half of most major expos. Free admission, Wi-Fi, and parking are being offered. Exhib-itor and booth registration is now open, and sponsorship opportunities are available.
To learn more about the North Charles-ton Business Expo please contact Brent Case at [email protected] or by phone at 843-725-6255.
Follow @NChasBizExpo on Twitter, Join The North Charleston Expo Group on LinkedIn, or LIKE the Expo on Face-book.
Find more information here: www.northcharelstonexpo.com
Original article published here: www.cbcatlantic.com/blog
North Charleston Business Expo – April 23, 2015
Coldwell Banker Commercial Atlantic 3506 W Montague Ave. Charleston, SC 29418
Main: 843-744-9877 Fax: 843-744-9879 www.cbcatlantic.com
LOCAL KNOWLEDGE, GLOBAL PERSPECTIVE.
April 2015
First Quarter
Employee Spotlight:
Name: Mike Rose, CCIM
Title: Vice President & Principal
Specialty: Industrial & Land
Experience: Over 30 years in the biz
Favorite News Publication: Area Development Magazine
“Outside of work, you’re most likey to find me...”:“...in Sumter with my grandchil-dren”
Let’s Chat:[email protected]
