Myths About Charleston’s Economy – Part 2: Commercial Real Estate

By: Jacki Renegar & Jenna Edwards

A few “urban myths” about the local economy have been circulating around the Charleston region lately. With so many recent economic “wins,” it’s hard to stay up to date with the facts as the rumors fly. So, we’re going to dispel a few for you.

Urban legend #5 – Sites and buildings in Charleston have become too expensive.

Fact:  The Charleston region offers a wide variety of properties that can meet nearly any cost sensitivity. Recent land sales in regional business parks have ranged from around $6/sf to more than $14/sf. And these are actual sales, not list prices!  Our metro offers significant variety in available sites and buildings. From small office space in the urban core to large, greenfield sites that serve I-95 corridor, we have options for almost any real estate need.

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Urban legend #6 – There are no buildings left for new projects in the Charleston region.

Fact:  The metro area has a growing inventory of available and soon-to-be available office and industrial space. Both local and national developers are investing heavily in new speculative buildings across the region.

Industrial Real Estate (as of Q2 2017)

  • Inventory: 47.5 million sq. ft., 5.36% vacant
  • New Construction (delivered in 2017):
    • 638,500 sq. ft., speculative
    • 254,000 sq. ft., build-to-suit
  • Under Construction:
    • 1,814,000 sq. ft., speculative
    • 4,627,800 sq. ft., build-to-suit


Office Real Estate (as of Q2 2017)

  • Inventory: 12.6 million sq. ft., 7.57% vacant
  • New Construction (delivered in 2017): 320,100 sq. ft.
  • Under Construction: 451,000 sq. ft.
  • Proposed: 826,100 sq ft.

Source: Colliers International



All three counties in the Charleston metro have new speculative buildings under construction.

Berkeley County:


Charleston Trade Center

Location: Summerville
Developer: The Keith Corporation – Alan Lewis
Building size: 307,353SF; expandable to 922,953SF
Contact: Barry Jurs, Berkeley County – Director of Economic Development

 


Charleston County
:

XEBEC Patriot - Charleston County


XEBEC Patriot Boulevard Industrial Spec

Location: North Charleston
Developer: XEBEC (D/B/A Patriot XSC, LLC)
Building size: 255,800 SF
Contact: Steve Dykes, Charleston County, Director of Economic Development

 

Dorchester County:

Winding Woods - Dorchester County


Winding Woods Speculative Building

Location: St. George
Developer: Dorchester County
Building size: 100,500 SF
Contact: John Truluck, Director of Economic Development, Dorchester County

 

Please reach out to our county partners to learn more about what’s going on in their areas!
Berkeley County | Charleston County | Dorchester County

We hope you’ll help dispel these myths by sharing this info with your colleagues and contacts. There’s a lot of opportunity for business and talent in Charleston | SC | USA. Check out Myths About Charleston’s Economy – Part 1, HERE.

Contact Us:
Jenna Edwards
Jenna Edwards
Director, Global Business Development
843.760.4525 | Jenna Edwards

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