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Old 08-07-2012, 08:05 PM
 
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Colliers just published Q2 Office summaries for Charleston and Columbia. In summary, Metro Columbia has a 12.76% vacancy rate for Class A space, a market of 2.9m sq feeet. Charleston has a vacancy rate of 9.62% for a market of 4.9m sq feet. Columbia's total market of 9.975m sq feet of space has a vacancy rate of 23% distorted by the old SCANA building. Removing that building from inventory will reduce the market rate to the upper teens. Charleston has a total market vacancy rate of 13.79%. Per Colliers, class A space will tighten throughout 2012 in the Columbia CBD putting upward pressure on rental rates. In short, Columbia's market absorbed 126k sq feet of office space since the end of 2011 and should continue into 2013 as Aflac and technology companies related to Innovista continue to expand in the CBD.

Charleston continues to see a decrease in vacancy rates, especially in the CBD. Some new construction is underway as tenants seek newer class a space. The market should continue to do well into 2013.

There was not a new report for Greenville. For Q4 of 2011, the market had a vacancy rate of 16.73% on a market of 8.2m sq feet. The CBD had a vacancy rate of 8.58% for class a space and a 21% vacancy rate for class C. The market absorbed 128k sq feet in all of 2011. There was not much of a forecast for 2012 or 2013.
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Old 08-07-2012, 08:52 PM
 
Location: Greenville, SC
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Here is the latest info for Greenville/Spartanburg: Market Trend: Greenville / Spartanburg's Office Vacancy Decreases to 9.5% - CoStar Group
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Old 08-08-2012, 01:19 AM
 
Location: Greenville, SC
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The Greenville office market experienced a positive second quarter as it had its lowest vacancy since 2008, at 10.1%, decreasing from its high of 12.6% in 2009, according to Lee & Associates, which only considers Greenville County for its office market.

The net absorption is around 205,600 square feet with rental rates of about $15.16 per square foot. Greenville’s suburban areas around Pelham and Haywood roads, as well as downtown Greenville, have seen activity continually increasing.

The central business district’s inventory is limited, but sub-markets near Stone Avenue and the Pettigru District offer competitive rates near downtown.

“With limited inventory, attractive rates, population growth and business announcements, we anticipate the office market to continue in a positive trend through the end of the year,” Lee & Associates said in its report.

Source: GSA Business | Greenville, SC | Spartanburg, SC | Anderson, SC
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Old 08-08-2012, 10:24 AM
 
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So given all of this data.. is any city in SC near potentially getting a new tower? I doubt Charleston will.. since I believe they have height limits. I remember back in the 80s everyone was building towers... I recall Mayor Adams of Columbia (along with every other Mayor for that matter) saying he wanted to make the official city bird "The Crane" because of all the construction. Both the Capitol Center on Main and Gervais and the Bank of America Building on Main and Calhoun were suppose to have twin towers that never materialized
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Old 08-08-2012, 10:42 AM
 
Location: Greenville, SC
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Well, that depends. What do you consider a tower? Ten stories? Twenty stories? Would you consider these towers: http://twitter.com/ONE_Greenville

Last edited by g-man430; 08-08-2012 at 11:20 AM..
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Old 08-08-2012, 11:53 AM
 
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Quote:
Originally Posted by g-man430 View Post
Well, that depends. What do you consider a tower? Ten stories? Twenty stories? Would you consider these towers: ONE Greenville (ONE_Greenville) on Twitter
It depends on one perspective as to how a tower is defined. One as it is today would be a mid rise to me. But, if you live in Greenwood, it may be a tower.

To me, other than ego, I don't see a need to build anything higher than what currently exists in SC. There are some who want the tallest building in SC but, that does not matter too much. I could see another 15 story building in Columbia sometime over the next 5 years. It could be a mix of office and hotel/apartment. Maybe Aflac or another insurance company will want to anchor a tower. Or possibly some of the Innovista Tech companies will need more space. With Available Class A space dropping in the CBD, it is more liklely today than a year ago. The same could be said for Greenville. Downtown Charleston would not Permit a 15 story building so, you may see more 5 - 7 story buildings on the perimeter. And, there are increasing numbers of office buildings in York and upper Lancaster Counties. While not a Highrise, there should be a lot of 5 - 7 story buildings constructed in this area.
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Old 08-08-2012, 02:42 PM
 
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Quote:
Originally Posted by g-man430 View Post
Well, that depends. What do you consider a tower? Ten stories? Twenty stories? Would you consider these towers: ONE Greenville (ONE_Greenville) on Twitter

By SC standards.. I would say five to seven stories is a tower...and anything above that would be a high rise up to about 15 stories above that then you are talking skyscraper ..... by SC standards. I know its all subjective there are likely semantics involved with what is highrise versus a skyscraper.... Maybe I am just more critical of SC compared with our neighboring states.

I would agree.. its seems that more downtown office buildings are taking the DC mode which are 10- 15 story buildings that are short and take up a block or two. I believe Innovista will have more of these types of buildings thus negating the push for a high rise/skyscraper downtown or elsewhere.

I read an interesting article that said that skyscrapers actually decrease the level of street activity in a downtown area. The rational being people dont like walking around in deep caverns and that if you are on the upper floors of these buildings, which are usually self contained cities, you dont want to venture out as much because you have to wait on the elevator, ride down, go out etc etc.. It said that DC's height limit actually pushed development out to areas of the District that wouldnt have redeveloped as quickly because the buildings footprints are larger thus taking up more land and because they are not as tall people venture down to street level more frequently. Anyone agree???? I dont believe that means that NYC or Chicago dont have street level activity in their environs.. cause we know they do..along with San Fran, Seattle, Boston, LA, PHilly, Miami and others.. But if you get into some other cities.. their downtown do feel like big office parks with skyscrapers.... where people flow in and out and dont spend much time on the street and what they do spend is in their cars...
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Old 08-08-2012, 08:37 PM
 
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Quote:
Originally Posted by Woodlands View Post
By SC standards.. I would say five to seven stories is a tower...and anything above that would be a high rise up to about 15 stories above that then you are talking skyscraper ..... by SC standards. I know its all subjective there are likely semantics involved with what is highrise versus a skyscraper.... Maybe I am just more critical of SC compared with our neighboring states.

I would agree.. its seems that more downtown office buildings are taking the DC mode which are 10- 15 story buildings that are short and take up a block or two. I believe Innovista will have more of these types of buildings thus negating the push for a high rise/skyscraper downtown or elsewhere.

I read an interesting article that said that skyscrapers actually decrease the level of street activity in a downtown area. The rational being people dont like walking around in deep caverns and that if you are on the upper floors of these buildings, which are usually self contained cities, you dont want to venture out as much because you have to wait on the elevator, ride down, go out etc etc.. It said that DC's height limit actually pushed development out to areas of the District that wouldnt have redeveloped as quickly because the buildings footprints are larger thus taking up more land and because they are not as tall people venture down to street level more frequently. Anyone agree???? I dont believe that means that NYC or Chicago dont have street level activity in their environs.. cause we know they do..along with San Fran, Seattle, Boston, LA, PHilly, Miami and others.. But if you get into some other cities.. their downtown do feel like big office parks with skyscrapers.... where people flow in and out and dont spend much time on the street and what they do spend is in their cars...
I think it depends on the city as to how high rises buildings affect the street level. Greenville would support your theory. It only has a small number of mid rise buildings and a walkable downtown with good activity. Charleston also has a nice downtown with almost no high rise buildings. On the other hand, Columbia's Main St has more of a canyon feel but, it is very walkable and is getting more activity each day. Charlotte has a lot of skyscrapers up to 60 floors but also has a nice street level feel. The new museums, performing art venues, parks, and other amenities contribute to this.

As for building high rises, one other aspect that has not been mentioned is the economics. High rise buildings are more expensive to build and will command higher rents to make them feasible. Unless you are getting assistance similar to the One project, they are harder to finance due to the cost associated with building in the 25 - 30 story range. Due to the surface parking that is available in parts of Greenville and Columbia, it does not make financial sense to build higher when it would provide better returns with lower buildings.
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