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Multifamily / Land
Analysis and Outlook 2013
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.
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
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
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
Riviera at Seaside– Mt. Pleasant, SC

Flats at Mixson– North Charleston, SC

The Parks at Nexton– Summerville, SC
Multifamily / Land
On the Horizon
• Land
• Opportunities Still Available
• Current & Future Risks
-

Supply
Rising Construction Costs

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2013 Charleston Commercial Market Forecast: Multifamily and Land Update

  • 1. Multifamily / Land Analysis and Outlook 2013
  • 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. 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. 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. 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. Riviera at Seaside– Mt. Pleasant, SC Flats at Mixson– North Charleston, SC The Parks at Nexton– Summerville, SC
  • 7. Multifamily / Land On the Horizon • Land • Opportunities Still Available • Current & Future Risks - Supply Rising Construction Costs