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.
The office and industrial 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 Bob Caldwell, SIOR, President of Caldwell Commercial.
The retail and hospitality update given at the 2013 Charleston-area commercial market forecast, on October 24, 2013 at the Daniel Island Club. The presentation was given by John Orr, CCIM, Vice President of Retail Charleston with Colliers International.
This document provides information about the Commercial Real Estate Market Forecast event being held on October 8, 2014 at the Daniel Island Club. It includes details about panelists, sponsors, and the planning committee for the event. There are also advertisements and bios for various commercial real estate professionals and companies involved in Charleston's commercial real estate market. The document appears to be a program or agenda for the event that will feature presentations and discussions about the current state and future outlook of the Charleston commercial real estate market.
This document summarizes trends in the Charleston multifamily housing market. It notes that millennials and empty nesters are driving demand for rental units due to factors like student debt, job prospects, and less need for space. The supply of multifamily units is increasing annually but demand continues to outpace supply. Rents have been rising at rates from 3-6.5% per year across Charleston submarkets. The forecast predicts continued job and population growth will sustain demand while supply catches up, leading to higher vacancy rates in the short term and more moderate 3-4% annual rent growth. Affordability is a major concern due to restrictions on land and rising construction costs.
The office and industrial 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 Bob Caldwell, SIOR, President of Caldwell Commercial.
The retail and hospitality update given at the 2013 Charleston-area commercial market forecast, on October 24, 2013 at the Daniel Island Club. The presentation was given by John Orr, CCIM, Vice President of Retail Charleston with Colliers International.
This document provides information about the Commercial Real Estate Market Forecast event being held on October 8, 2014 at the Daniel Island Club. It includes details about panelists, sponsors, and the planning committee for the event. There are also advertisements and bios for various commercial real estate professionals and companies involved in Charleston's commercial real estate market. The document appears to be a program or agenda for the event that will feature presentations and discussions about the current state and future outlook of the Charleston commercial real estate market.
This document summarizes trends in the Charleston multifamily housing market. It notes that millennials and empty nesters are driving demand for rental units due to factors like student debt, job prospects, and less need for space. The supply of multifamily units is increasing annually but demand continues to outpace supply. Rents have been rising at rates from 3-6.5% per year across Charleston submarkets. The forecast predicts continued job and population growth will sustain demand while supply catches up, leading to higher vacancy rates in the short term and more moderate 3-4% annual rent growth. Affordability is a major concern due to restrictions on land and rising construction costs.
The State of the Community Report is the only one of its kind in the community; it tracks the well-being of Chapel Hill-Carrboro along social, economic, and environmental indicators. On August 28, 2014, Aaron Nelson, president & CEO of the Chapel Hill-Carrboro Chamber of Commerce, presented the report and took questions from attendees.
The State of the Community Report is a project of the Partnership for a Sustainable Community. For more information about the Partnership, visit, http://bit.ly/17PdnXf.
The 2015 State of the Community Report presented by Triangle Community Foundation was held Thursday, August 27 at the UNC Friday Center for Continuing Education.
Powered by the Chamber's charitable arm, the Partnership For a Sustainable Community, and presented by Chamber CEO Aaron Martin Nelson, the report presents a full overview on the health of the Chapel Hill-Carrboro community.
State of the Community Report was sponsored by the Triangle Community Foundation and Durham Technical Community College. Thanks to our special guests Town of Chapel Hill, Town of Carrboro, and Orange County Economic Development.
The Annual Economic Outlook Conference is co-sponsored by LC’s School of Business and Economics and the Lynchburg Chamber of Commerce. This conference was held on October 9, 2014, the 22nd such conference.
This document provides an overview of demographic and housing data for Orange County, North Carolina and surrounding municipalities. Some key points:
- The population of Orange County grew 5% between 2010 and 2014 to around 140,000 people, with Carrboro growing the fastest at 7.2% during that period. Municipal population projections estimate continued growth, with Orange County projected to reach over 230,000 people by 2050.
- Minority populations have been increasing, with the percentage of the Orange County population that is non-white growing from around 20% in 1990 to over 30% in 2014.
- Educational attainment is high, with over 90% of residents having a high school degree or higher and over 65%
The document discusses demographic trends in rural Ontario that make rural development more difficult. Specifically:
- There are now fewer potential labour market entrants than potential retirees, implying that population growth must come from migration rather than natural increases.
- Four of 14 Eastern Ontario census divisions saw population declines from 2012-2013, while nine had more deaths than births. However, 11 had more in-migrants than out-migrants.
- Employment has been flat or declining in Eastern Ontario economic regions like Ottawa and Kingston-Pembroke since the mid-2000s, signifying challenges to economic growth.
On August 27, 2013, Chapel Hill-Carrboro Chamber of Commerce CEO Aaron Nelson presented the report, the only one of its kind in the community, which tracks the well-being of Chapel Hill-Carrboro along social, economic, and environmental indicators. Read the report here and view past reports at the SlideShare account. Thank you to the sponsors of our event: Triangle Community Foundation, the Greater Chapel Hill Association of REALTORS, PNC BANK, The UPS Store, and Courtyard Marriott!
2013-04-23-Economic Report to the Board of GovernorsSalt Lake Chamber
The document contains charts and graphs depicting economic indicators in Utah from 2007-2013. It shows that from 2009-2012, Utah experienced steady job growth, declining unemployment, increased personal income and exports, and growth in the construction and natural resources industries. Net migration to Utah also increased steadily from 2009-2012. The bottom section focuses on immigration and Rio Tinto, noting their contributions to Utah's economy and jobs.
The document summarizes an economic development presentation for Saratoga County. It finds that Saratoga County benefits from major investment and a diverse economy in tourism, agriculture, and technology. However, recent successes have not been fully capitalized on. The mission of the Saratoga County Prosperity Partnership is to secure sustainable jobs and investment by attracting new businesses and helping existing businesses grow. Data presented shows Saratoga County has low unemployment, high incomes and labor participation compared to neighboring counties. Housing permits and values are also higher in Saratoga County. However, businesses report increasing sales but not adding many new employees. Attracting new talent is cited as a top concern.
This document provides an overview of economic development opportunities in North Georgia presented by Jennifer Zeller of Georgia Power. It discusses the region's strengths in technology, education, and workforce as well as challenges around talent availability. Various economic indicators for the state and metro areas are presented showing improving economic conditions and job growth forecasts. Key industries and regional clusters are identified. Maps depict labor and commute sheds as well as concentrations of IT professionals for several metro areas. The document concludes with a discussion of economic development factors and both opportunities and challenges for the Northwest Georgia region.
The document provides an economic overview and outlook for the Northern Utah economy. It summarizes recent employment trends which show a decline in total nonfarm jobs from 2011 to 2012 for most counties in the region. The top industries that drive the economy are discussed, including government, retail, healthcare, manufacturing, and education. Projections estimate continued growth in healthcare and construction jobs. Issues like sequestration and the European debt crisis are noted as having potential impacts on economic growth.
The State of Erie County and the City of SanduskyGSPAdmin
The document provides an overview of national, regional, and local economic indicators to analyze the state of Erie County and the City of Sandusky, Ohio. At the national level, it shows the U.S. has recovered from the COVID-19 pandemic, with record low unemployment but declining workforce participation. For Erie County and Sandusky specifically, it highlights population declines, an aging population, lower educational attainment compared to peer communities, and industries like manufacturing and tourism. Benchmarking against similar peer communities finds Erie County and Sandusky lag in areas like population and workforce growth.
This document provides a summary of key social, economic, and environmental indicators for Orange County, NC from 1997-2010. It discusses population growth, employment levels, income levels, housing prices, education levels, health metrics, crime rates, tourism impact, and air/water quality for the county and surrounding areas. The data is drawn from various government sources and shows both positive and negative trends across different indicators over time.
The unemployment rates in the St. Louis region remained steady at 4.7% in March 2016, matching the national rate of 5.0%. Payroll employment in the region fell by 4,800 jobs for a 0.4% decrease over the month. Over the past year, total employment in the region grew by 22,800 jobs or 1.7%, compared to 2.0% growth nationally. The preliminary data is subject to future revisions.
Leadership Chapel Hill-Carrboro (Leadership) is an extensive program designed to inform, develop, connect, and engage committed and emerging leaders in Greater Chapel Hill-Carrboro.
Leadership Chapel Hill-Carrboro (Leadership) is an extensive program designed to inform, develop, connect, and engage committed and emerging leaders in Greater Chapel Hill-Carrboro.
This powerpoint presentation was delivered by The Chamber President and CEO, Aaron Nelson, on Thursday, May 26, 2022 during Session #3 as an introduction to the history, geography, and governance of the Greater Chapel Hill-Carrboro region.
Learn more at www.CarolinaChamber.org/Leadership
City of Asheville Housing Needs AssessmentGordon Smith
The focus of this analysis is to assess the market characteristics of, and to determine the housing needs for the city of Asheville, North Carolina. To accomplish this task, Bowen National Research evaluated various socio-economic characteristics, inventoried and analyzed the housing supply (rental and owner/for-sale product), conducted stakeholder interviews, evaluated special needs populations and provided housing gap estimates to help identify the housing needs of the city.
To provide a base of comparison, various metrics of Asheville were compared with overall four-county region that includes the counties of Buncombe, Henderson, Madison and Transylvania. A detailed comparison of the city of Asheville in relation with four subject counties is provided in the region analysis portion of the Asheville Overall Housing Needs Assessment.
Austin: A Theory of Everything. How & why Austin is changing and what we shou...Civic Analytics LLC
This document summarizes statistics about Austin's population growth, job growth, and economic performance since 2000. It finds that Austin ranked highly in population growth and job growth nationally and experienced strong GDP growth above the national average. However, it notes that Austin is not creating enough "middle-wage" jobs and that housing costs have risen faster than earnings for lower-educated workers, threatening affordability. The rising costs and income inequality contribute to residential segregation by race/ethnicity.
This document summarizes a presentation about the state of Australia's fast growing outer suburbs (FGOS). It notes that FGOS now account for 11.3% of Australia's GDP and their economies and populations are growing rapidly. However, FGOS still lag behind major cities in measures like the percentage of high-skilled jobs and residents with university degrees. The presentation argues that further investment is needed in FGOS to support skills development, build up local industry clusters, expand cultural and research institutions, and improve infrastructure in order to maximize their economic potential and productivity.
Order of Canada 2013-20 Appointment DiversityAndrew Griffith
This presentation analyses the diversity of appointments to the Order of Canada (the highest level in the Canadian honours system): women, visible minorities, Indigenous peoples, province and area of activity.
There is a certain subjectivity with respect to area of activity. For example, activist, academic, public service or business and philanthropy. I have tried to be as consistent as possible.
- Federal procurement outlays in the Washington metropolitan area declined 8.4% between fiscal years 2010 and 2012, while federal employment declined 2.25% since peaking in July 2010.
- The Washington metro area saw strong job growth between 2012-2013, adding 36,100 jobs, compared to more modest growth or declines in other large metro areas.
- Professional and business services is expected to see the largest job growth in the Washington area between 2012-2017, adding 143,800 jobs, followed by education and health services.
2024 Residential Market Update slide deck from Dr. Joey Von Nessen showing data from the residential real estate market in Charleston, South Carolina. Provided by the Charleston Regional Multiple Listing Service and the Charleston Trident Association of Realtors.
The State of the Community Report is the only one of its kind in the community; it tracks the well-being of Chapel Hill-Carrboro along social, economic, and environmental indicators. On August 28, 2014, Aaron Nelson, president & CEO of the Chapel Hill-Carrboro Chamber of Commerce, presented the report and took questions from attendees.
The State of the Community Report is a project of the Partnership for a Sustainable Community. For more information about the Partnership, visit, http://bit.ly/17PdnXf.
The 2015 State of the Community Report presented by Triangle Community Foundation was held Thursday, August 27 at the UNC Friday Center for Continuing Education.
Powered by the Chamber's charitable arm, the Partnership For a Sustainable Community, and presented by Chamber CEO Aaron Martin Nelson, the report presents a full overview on the health of the Chapel Hill-Carrboro community.
State of the Community Report was sponsored by the Triangle Community Foundation and Durham Technical Community College. Thanks to our special guests Town of Chapel Hill, Town of Carrboro, and Orange County Economic Development.
The Annual Economic Outlook Conference is co-sponsored by LC’s School of Business and Economics and the Lynchburg Chamber of Commerce. This conference was held on October 9, 2014, the 22nd such conference.
This document provides an overview of demographic and housing data for Orange County, North Carolina and surrounding municipalities. Some key points:
- The population of Orange County grew 5% between 2010 and 2014 to around 140,000 people, with Carrboro growing the fastest at 7.2% during that period. Municipal population projections estimate continued growth, with Orange County projected to reach over 230,000 people by 2050.
- Minority populations have been increasing, with the percentage of the Orange County population that is non-white growing from around 20% in 1990 to over 30% in 2014.
- Educational attainment is high, with over 90% of residents having a high school degree or higher and over 65%
The document discusses demographic trends in rural Ontario that make rural development more difficult. Specifically:
- There are now fewer potential labour market entrants than potential retirees, implying that population growth must come from migration rather than natural increases.
- Four of 14 Eastern Ontario census divisions saw population declines from 2012-2013, while nine had more deaths than births. However, 11 had more in-migrants than out-migrants.
- Employment has been flat or declining in Eastern Ontario economic regions like Ottawa and Kingston-Pembroke since the mid-2000s, signifying challenges to economic growth.
On August 27, 2013, Chapel Hill-Carrboro Chamber of Commerce CEO Aaron Nelson presented the report, the only one of its kind in the community, which tracks the well-being of Chapel Hill-Carrboro along social, economic, and environmental indicators. Read the report here and view past reports at the SlideShare account. Thank you to the sponsors of our event: Triangle Community Foundation, the Greater Chapel Hill Association of REALTORS, PNC BANK, The UPS Store, and Courtyard Marriott!
2013-04-23-Economic Report to the Board of GovernorsSalt Lake Chamber
The document contains charts and graphs depicting economic indicators in Utah from 2007-2013. It shows that from 2009-2012, Utah experienced steady job growth, declining unemployment, increased personal income and exports, and growth in the construction and natural resources industries. Net migration to Utah also increased steadily from 2009-2012. The bottom section focuses on immigration and Rio Tinto, noting their contributions to Utah's economy and jobs.
The document summarizes an economic development presentation for Saratoga County. It finds that Saratoga County benefits from major investment and a diverse economy in tourism, agriculture, and technology. However, recent successes have not been fully capitalized on. The mission of the Saratoga County Prosperity Partnership is to secure sustainable jobs and investment by attracting new businesses and helping existing businesses grow. Data presented shows Saratoga County has low unemployment, high incomes and labor participation compared to neighboring counties. Housing permits and values are also higher in Saratoga County. However, businesses report increasing sales but not adding many new employees. Attracting new talent is cited as a top concern.
This document provides an overview of economic development opportunities in North Georgia presented by Jennifer Zeller of Georgia Power. It discusses the region's strengths in technology, education, and workforce as well as challenges around talent availability. Various economic indicators for the state and metro areas are presented showing improving economic conditions and job growth forecasts. Key industries and regional clusters are identified. Maps depict labor and commute sheds as well as concentrations of IT professionals for several metro areas. The document concludes with a discussion of economic development factors and both opportunities and challenges for the Northwest Georgia region.
The document provides an economic overview and outlook for the Northern Utah economy. It summarizes recent employment trends which show a decline in total nonfarm jobs from 2011 to 2012 for most counties in the region. The top industries that drive the economy are discussed, including government, retail, healthcare, manufacturing, and education. Projections estimate continued growth in healthcare and construction jobs. Issues like sequestration and the European debt crisis are noted as having potential impacts on economic growth.
The State of Erie County and the City of SanduskyGSPAdmin
The document provides an overview of national, regional, and local economic indicators to analyze the state of Erie County and the City of Sandusky, Ohio. At the national level, it shows the U.S. has recovered from the COVID-19 pandemic, with record low unemployment but declining workforce participation. For Erie County and Sandusky specifically, it highlights population declines, an aging population, lower educational attainment compared to peer communities, and industries like manufacturing and tourism. Benchmarking against similar peer communities finds Erie County and Sandusky lag in areas like population and workforce growth.
This document provides a summary of key social, economic, and environmental indicators for Orange County, NC from 1997-2010. It discusses population growth, employment levels, income levels, housing prices, education levels, health metrics, crime rates, tourism impact, and air/water quality for the county and surrounding areas. The data is drawn from various government sources and shows both positive and negative trends across different indicators over time.
The unemployment rates in the St. Louis region remained steady at 4.7% in March 2016, matching the national rate of 5.0%. Payroll employment in the region fell by 4,800 jobs for a 0.4% decrease over the month. Over the past year, total employment in the region grew by 22,800 jobs or 1.7%, compared to 2.0% growth nationally. The preliminary data is subject to future revisions.
Leadership Chapel Hill-Carrboro (Leadership) is an extensive program designed to inform, develop, connect, and engage committed and emerging leaders in Greater Chapel Hill-Carrboro.
Leadership Chapel Hill-Carrboro (Leadership) is an extensive program designed to inform, develop, connect, and engage committed and emerging leaders in Greater Chapel Hill-Carrboro.
This powerpoint presentation was delivered by The Chamber President and CEO, Aaron Nelson, on Thursday, May 26, 2022 during Session #3 as an introduction to the history, geography, and governance of the Greater Chapel Hill-Carrboro region.
Learn more at www.CarolinaChamber.org/Leadership
City of Asheville Housing Needs AssessmentGordon Smith
The focus of this analysis is to assess the market characteristics of, and to determine the housing needs for the city of Asheville, North Carolina. To accomplish this task, Bowen National Research evaluated various socio-economic characteristics, inventoried and analyzed the housing supply (rental and owner/for-sale product), conducted stakeholder interviews, evaluated special needs populations and provided housing gap estimates to help identify the housing needs of the city.
To provide a base of comparison, various metrics of Asheville were compared with overall four-county region that includes the counties of Buncombe, Henderson, Madison and Transylvania. A detailed comparison of the city of Asheville in relation with four subject counties is provided in the region analysis portion of the Asheville Overall Housing Needs Assessment.
Austin: A Theory of Everything. How & why Austin is changing and what we shou...Civic Analytics LLC
This document summarizes statistics about Austin's population growth, job growth, and economic performance since 2000. It finds that Austin ranked highly in population growth and job growth nationally and experienced strong GDP growth above the national average. However, it notes that Austin is not creating enough "middle-wage" jobs and that housing costs have risen faster than earnings for lower-educated workers, threatening affordability. The rising costs and income inequality contribute to residential segregation by race/ethnicity.
This document summarizes a presentation about the state of Australia's fast growing outer suburbs (FGOS). It notes that FGOS now account for 11.3% of Australia's GDP and their economies and populations are growing rapidly. However, FGOS still lag behind major cities in measures like the percentage of high-skilled jobs and residents with university degrees. The presentation argues that further investment is needed in FGOS to support skills development, build up local industry clusters, expand cultural and research institutions, and improve infrastructure in order to maximize their economic potential and productivity.
Order of Canada 2013-20 Appointment DiversityAndrew Griffith
This presentation analyses the diversity of appointments to the Order of Canada (the highest level in the Canadian honours system): women, visible minorities, Indigenous peoples, province and area of activity.
There is a certain subjectivity with respect to area of activity. For example, activist, academic, public service or business and philanthropy. I have tried to be as consistent as possible.
- Federal procurement outlays in the Washington metropolitan area declined 8.4% between fiscal years 2010 and 2012, while federal employment declined 2.25% since peaking in July 2010.
- The Washington metro area saw strong job growth between 2012-2013, adding 36,100 jobs, compared to more modest growth or declines in other large metro areas.
- Professional and business services is expected to see the largest job growth in the Washington area between 2012-2017, adding 143,800 jobs, followed by education and health services.
Similar to 2013 Charleston Commercial Market Forecast: Multifamily and Land Update (20)
2024 Residential Market Update slide deck from Dr. Joey Von Nessen showing data from the residential real estate market in Charleston, South Carolina. Provided by the Charleston Regional Multiple Listing Service and the Charleston Trident Association of Realtors.
This document summarizes the economic outlook for South Carolina in 2021. It finds that while the state's economy rebounded strongly over the summer and fall of 2020, full recovery is not expected until mid-2021 at the earliest due to continued struggles in the leisure and hospitality industry and supply constraints in the housing market. Vaccine dissemination provides hope, but increasing COVID cases and typical year-over-year slowing could impact growth rates in the second half of 2021.
Presentation from Dr. Frank Hefner with the College of Charleston, presented on December 3, 2020 to the Commercial Investment Division of the Charleston Trident Association of Realtors. Covers an economic update as well as information about the local commercial real estate market.
Dr. Joseph Von Nessen's presentation from the Charleston Trident Association of Realtors' annual market update in January 2020. The presentation covers market activity in 2019 and offers a forecast for 2020.
The document provides an overview of several real estate development projects in Charleston, South Carolina owned by William Cogswell and Jay Weaver through their LLCs: Roi-Tan Development, GARCo Mill Development, Powerhouse Development, and Storehouse Development. It includes a table comparing the total square footage, number of buildings, tenants, rent prices, parking availability, and broker information for each development project. The Navy Yard and Shellmore projects have the most available space currently while Cigar Factory is fully occupied.
The document provides an overview of Greystar's operations and footprint in Charleston, South Carolina. It discusses Greystar's status as a major multifamily owner, manager, and developer in Charleston, where it employs approximately 450 people and has interests in 22 assets totaling over 5,700 units. The document also outlines Greystar's plans for a new mixed-use development in downtown Charleston at the site of a former Bi-Lo grocery store.
This document contains renderings and site plans for several proposed design projects in Charleston, South Carolina, including 411 Meeting Street, the Ferry Wharf Hotel, and a home on Daniel Island. Locations depicted include Meeting Street, Mary Street, Reid Street, Patriots Point Golf Links, Hagood Avenue, and North Charleston. The projects were designed by Rabun Rasche Rector Reece Architects of Atlanta, Georgia and RIV Architecture of Charlotte, North Carolina and North Charleston, South Carolina.
The site plan shows areas for demolition, construction access, and relocation of two units. Unit 8 will relocate to Unit 36 and Unit 14 will relocate to Unit 24. The legend provides information on existing buildings such as Marshalls, Office Depot, and T.J. Maxx, as well as their square footages. Walmart is identified as occupying 121,097 square feet and is planned for expansion of approximately 63,653 additional square feet.
This document provides an economic outlook and summary of real estate market trends from the Chief Economist of the National Association of REALTORS. It notes that while the US economy continues expanding, growth is slowing both domestically and abroad. Unemployment remains low but risks include high household and government debt levels and dependence on foreign investment. Real estate prices continue rising across most sectors, though leasing activity showed slower growth recently. Barring a major trade war escalation, the forecast is for ongoing but slower GDP and job growth through 2020.
This document provides an economic outlook and overview of real estate market trends from the Chief Economist of the National Association of REALTORS. It summarizes that while the US economy continues expanding, growth is slowing both domestically and abroad. Unemployment remains low but risks include high household and government debt levels and potential impacts from international trade disputes. The housing market faces affordability challenges from rising home prices and rents outpacing inflation. Barring a major trade war escalation, the forecast is for continued US expansion in 2020, albeit at a more moderate pace.
The document discusses industrial development opportunities and investment in the Charleston, South Carolina region. It notes that developers and capital from around the country are investing in the area due to factors like yield, growth potential, economic drivers, and an available workforce. However, threats to development are also discussed, such as infrastructure challenges, the complexity of permitting processes, and potential anti-growth sentiment. Timelines for typical large industrial development projects in the region are also provided.
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
This document provides an analysis and outlook for the 2017 retail industry. It discusses various types of retailers such as promo retailers, entertainment retailers, and internet retailers. It also examines the impact of retailers in different Charleston, South Carolina regions and considers future retail trends such as food halls and their effect on grocery stores.
The document summarizes the Charleston commercial real estate market forecast for 2017. It discusses the growth of office inventory and declining vacancy rates in the Charleston area from 2013 to 2017. The report also highlights several new commercial and mixed-use developments planned or under construction between 2017 to 2020 in submarkets like downtown Charleston, WestEdge, Daniel Island, North Charleston, Mt. Pleasant, and Summerville.
The document summarizes Charleston's industrial real estate market. It shows that over 3.4 million square feet of new industrial space was delivered between 2013-2017, with vacancy rates dropping to a 5-year low. Average asking rents are projected to rise from $5.12/sqft currently to $6.20/sqft by 2020 for Class A space. Strong growth at the Port of Charleston is fueling demand, with investments of $4.6 billion and over 20,000 new jobs announced since 2013. However, the large amount of new speculative construction means absorption by new tenants is critical for the market to remain healthy.
This document summarizes hotel performance data and initiatives for the Charleston, South Carolina area hospitality industry. It shows that year-to-date 2017 occupancy, ADR, and RevPAR rates are up compared to 2016. Occupancy and RevPAR in Charleston have exceeded comparable cities like Savannah. The number of AirBnB listings in Charleston has grown significantly and short-term rentals are having an impact on the hotel industry. New initiatives proposed include addressing labor needs, regulating short-term rentals, and balancing tourism and community livability through a program to offer local perks and information.
The economic outlook for Charleston, SC is positive.
- The Charleston metro area has experienced faster GDP and job growth than other South Carolina cities in the past decade.
- Major employers in the region include Joint Base Charleston, MUSC, Boeing, and hospitals, contributing to steady job growth.
- Real estate fundamentals are strong, with housing and industrial real estate performing well due to low inventory and demand from supply chain shifts.
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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