A national study looking at markets from office to multifamily housing finds Charleston to be "poised for growth," driven by a plenty stoked economy.
Coldwell Banker Commercial Affiliates included the local observation in its annual Blue Book Market Intelligence Report. The study combines stats with on-hand remarks, profiling top commercial real estate markets across the U.S. "using industry data and anecdotes from local commercial real estate brokers," according to the Coldwell Banker affiliate.
The Lowcountry shows impressive commercial gains at the expanding port of Charleston and growing developments from manufacturers such as Boeing and Volvo. The industrial boon is "driving high demand for office, industrial and multi-housing developments in and around Charleston," according to Coldwell Banker Commercial. "Growth is above the industrial average in Charleston," the firm says, "And the city is consistently named a top tourist destination." Charleston ranks as the No. 2 city to visit, the Coldwell Banker affiliate says, and such visitor draws boost commercial demand and development in the region.
The company's findings also showcase job creations, including:
- Mercedes-Benz Sprinter Van is doubling its plant for worldwide production, Boeing certifies the 787-10 wide body aircraft that's 100 percent built in Charleston, Volvo launched a new plant for the S60 sedan and eventually the XC90 SUV, the Charleston port is expanding and the Medical University of South Carolina doubles in size.
- The development boom causes a recent construction loss, with speculative industrial buildings being added to the mix.
- A high demand for single- and multi-family homes is leaving raw land in limited supply.
- The region's experiencing huge growth above the national average, causing inflation to kick in.
The Charleston metro population stands at 761,155, largely spread about 287,362 households, while the median income hit $57,659 and the jobless rate stands at 3.5 percent. According to Coldwell Banker Commercial, vacancy rates are trending down for office, retail, multifamily, industrial properties while absorption pushes up as centers fill and rental rates jump from increased demand.