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Charleston a ‘Top 10 Commercial Real Estate Market,’ national group says
The Charleston area’s appeal continues across both the residential and commercial fronts as the region was dubbed a “Top 10 Commercial Real Estate Market” recently by the National Association of Realtors.
The group identified the top commercial real estate markets in the U.S., showing stronger economic and commercial market conditions when compared to national averages.
It considered 25 indicators of market conditions for the area’s economic, demographic, housing and commercial sectors based on data from the fourth quarter of 2020 for sectors such as multifamily, office, industrial, retail and hotel properties.
The ranking noted the Charleston region’s unemployment rate of 4.3 percent in December versus the national rate of 6.7 percent. It also pointed out office vacancy was 9.4 percent, compared to 15.5 percent nationally.
Construction continues on the 380-unit Morrison Yard apartment building on Morrison Drive on the Charleston peninsula on March 19. Commercial construction has not slowed down in the Charleston area because of the pandemic. Warren L. Wise/Staff
The group also said the region’s hospitality sector continued to be affected by the coronavirus, but it looked at strength in the construction of commercial properties as helping to buoy the economy, with 2 million square feet under construction, making up 2 percent of the current industrial space.
The Dunwoody model is one of 12 one- and two-story house designs planned for a new 387-home community on Johns Island called Sea Island Preserve. Pulte Homes/Provided
Nearly 400 homes planned in new Johns Island development
Pulte Homes will build 387 houses in Sea Island Preserve, a new development off Main Road just west of Maybank Highway.
By the numbers
3: Number of dining venues newly opened or on the way to Charleston area.
3: Number of liquor- and beer-making firms that will be operating within just a few blocks of one another on Spruill Avenue in North Charleston when Nippitaty Distillery relocates to a 2,900-square-foot building not far from Park Circle.
4,800: Square footage of space in St. Andrews Center in West Ashley where an Orangeburg-based alcoholic beverage store recently applied for a state permit to do business.
This week in real estate
+ Short-term limits: Mount Pleasant will consider a proposal in April to cap the maximum number of short-term rentals to 350, a controversial move some call too restrictive.
+ Boom … : The Charleston region’s rapid growth is expanding westward along Interstate 26 and nudging into once-sleepy Ridgeville. Residents hope their new fortunes don’t ruin the town.
+ … & Balance: Charleston Farms, a still-affordable community plagued by crime over the years not far from Park Circle in North Charleston, works to improve its image but wants to keep housing prices in check as it does so.
Corner café proposal relished and reviled
A pair of Charleston restaurant owners want to transform the vacant building at 80 Ashley Ave. on the lower peninsula into a small café and garden shop but nearby residents oppose the effort. Warren L. Wise/Staff
A pair of Charleston restaurant operators wants to open a café and garden shop in a long-vacant gas station at 80 Ashley Ave. in Harleston Village, but the move has drawn mixed reviews from the neighborhood with some delighted by it and others deploring it.
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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.
