2013 Charleston Commercial Market Forecast: Multifamily and Land Update

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The multifamily and land market update given at the 2013 Charleston-area commercial market forecast, on October 24, 2013 at the Daniel Island Club. The presentation was given by Daniel J. Doyle, Vice President of Development with The Beach Company.

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2013 Charleston Commercial Market Forecast: Multifamily and Land Update

  1. 1. Multifamily / Land Analysis and Outlook 2013
  2. 2. Charleston MSA Historical and Projected Population Population 800,000 700,000 600,000 500,000 400,000 549,033 200,000 142,651 360,600 350,209 309,969 100,000 700,400 664,607 300,000 177,843 96,413 136,555 187,800 152,000 2000 Berkeley 2010 Charleston Dorchester 2015 Tri-County * Projections were provided by the Bureau of Labor Statistics. The 2012 Charleston MSA population is 697,439.
  3. 3. Charleston MSA Vs. National Historical and Projected Unemployment Percentage Unemployment % 12.00% 10.00% 9.60% 8.90% 8.10% 8.00% 7.20% 6.60% Local Unemployment 6.00% National Unemployment 9.29% 8.45% 4.00% 7.40% 6.13% 5.93% 2013 2014 2.00% 0.00% 2010 2011 2012
  4. 4. Real Data: Charleston Area Submarket Multifamily Performance Recap Vacancy Rate (%) Average Rent ($) $1,400 10.0% 9.1% 9.0% $1,200 8.0% $1,000 7.0% 6.9% 6.0% 6.0% $800 5.2% 4.6% $600 $1,245 4.2% 4.0% $1,079 $400 $870 $853 Rental Rate 5.0% 2.8% $847 $903 $879 3.0% 2.7% $742 2.0% $200 1.0% $0 0.0% Central Goose Creek James Island Mt. Pleasant North Charleston Summerville West Ashley Tri County Area Vacancy Rate
  5. 5. Charleston Multifamily Construction Pipeline Breakdown Pipeline Unit Count 10,000 9,098 9,000 8,000 7,000 6,000 5,000 4,000 3,113 3,000 1,717 2,000 1,000 1,391 656 578 784 528 331 Downtown Mt. Pleasant / James Island Johns Island West Ashley Daniel Island North Charleston Hanahan Summerville Total
  6. 6. Riviera at Seaside– Mt. Pleasant, SC Flats at Mixson– North Charleston, SC The Parks at Nexton– Summerville, SC
  7. 7. Multifamily / Land On the Horizon • Land • Opportunities Still Available • Current & Future Risks - Supply Rising Construction Costs

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