Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just saw a review of SC Commercial Real Estate. A couple of the highlights: Redcliffe, you may not want to read this, I am sure you have your own economic review.
Office:
Office space across the main SC metros totals 100m sq feet, just a little over the total space in Charlotte (96m). The Columbia office market totals 35m , Greenville and Charleston total around 25m each. Charleston has had strong growth in office employment but, Columbia has a lot of trade and associatoin leasing which is not always reflected in the office employment counts. Office vacancy rates for Q1 2012, Columbia 9.7%, Greenville 10.9% and Charleston 8.2%. I presume this is for class A space.
Industrial:
Greenville has the largest amount of industrial space at 49m sq feet. Charleston & Columbia have seen the largest net absorption at more than 1m sq feet over the past year. Charleston industrial market totals 39m.
Retail Market:
Retail remains sluggish with a large number of tenant turnover. Vacancy rates for Q1 2012 are 6.3% for Greenville, 6.9% for Columbia and 6.4% for Chalreston. Retailers continue to look at Greenville & Charleston, Columbia seems to be ignored despite having strong metrics, similar logic that led to the mortgage crisis.
Apartments:
In all three markets, vacancy rates for apartments are at decade lows. Construction continues to accelerate for apartment construction in all metros.
GSP101, do you have a link for this? Where did you see it? Did they actually say Columbia seems to be ignored despite having strong metrics? If so, did they at least allude as to why?
GSP101, do you have a link for this? Where did you see it? Did they actually say Columbia seems to be ignored despite having strong metrics? If so, did they at least allude as to why?
This is an internal economic review. No, the part about ignoring Columbia is my commentary. It did mention that retailers are looking at Greenville & Charleston. And, based on every economic theory that I have seen, heard, etc....this makes absolutely no sense. Not because Charleston and Greenville are not good markets but, ignoring a market of 800k residents with a large university, good tourism numbers, a large military base, and income/education levels at the higher end in the state makes no sense. Either retailers are too busy following each other rather than looking for new markets or they just don't get it. But, some developer/retailer will be happy, the first folks who buy spot overlooked trends always make the most money.
Anyway, back on topic. Just thought I would share some of the economic reviews that I see.
LOL....lookout Charlotte & Atlanta, Greenville leaders go after what they want.
Has nothing to do with you or any other place directly, and I don't expect you to understand. If you want something and it's feasible you go and get it. Live from inside out. Create!
Has nothing to do with you or any other place directly, and I don't expect you to understand. If you want something and it's feasible you go and get it. Live from inside out. Create!
Red, I think I understand. You think Greenville does no wrong. That's fine. I just wanted to post some economic data. I know you don't believe anything not written by the Greenville Board of Realtors but, I still wanted to put it out there for those interested.
What GSP101 stated is pretty much 100% correct. Those office figures are indeed for Class A space only. Just to go further into depth for the area I live in:
Office space vacancy in Greater Greenville fell from 11.3% at the end of 2011 to 10.8% now, which is back to pre-recession levels. It has fallen steadily since 1Q 2010. The rate fell even though 31,423 SF was added to the inventory from three new buildings. 135,664 SF was absorbed in 1Q 2012.
Retail vacancy is now 6.1% for the UPSTATE and is the lowest in six years. It stood at 7.7% in 1Q 2010, and average rent is up from $9.60 to $10.03 a foot. The vacancy rate has fallen for nine consecutive quarters. 240,109 SF was absorbed in 1Q 2012.
Red, I think I understand. You think Greenville does no wrong. That's fine. I just wanted to post some economic data. I know you don't believe anything not written by the Greenville Board of Realtors but, I still wanted to put it out there for those interested.
"Sigh". My business is a lot more than Realtor, I have multiple streams. So you've made a bad assumption again. I actually help create the metrics you post all day on here. If you don't like my/our attitude towards growing our area, that's on you brother. You have to deal with that. If you choose to let the outside create your reality so be it. Our attitude is to create from inside out. I understand it's against the grain, but that's creation. Now I must rest. Long day ahead. You're welcome to ignore my posts if you like.
"Sigh". My business is a lot more than Realtor, I have multiple streams. So you've made a bad assumption again. I actually help create the metrics you post all day on here. If you don't like my/our attitude towards growing our area, that's on you brother. You have to deal with that. If you choose to let the outside create your reality so be it. Our attitude is to create from inside out. I understand it's against the grain, but that's creation. Now I must rest. Long day ahead. You're welcome to ignore my posts if you like.
Oh, how could I have missed that, brother. Look, all I did was post a summary of some Economic information that I came across. It has nothing to do with a silly cheerleader attitude from a particular city. Based on your previous posts about economic data, you feel comfortable telling others that they are wrong, no big deal. I don't think you have anything to do with he metrics that I post. You may have a set that you work with but, I can assure you, these metrics are not coming from a realtor or any real estate related organization. I simply posted the data because I thought some may be interested, apparently I was right.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
