Can’t have enough concrete at Christmas!
WISHING YOU A WONDERFUL HOLIDAY SEASON AND A PROSPEROUS NEW YEAR FROM CHARLESTON INDUSTRIAL
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If you soon start feeling a blast of cold air blowing through Charleston, it’s probably a result of the expansion of the refrigerated commercial cargo business in the area. Three firms (Agro Merchants, Lineage Logistics, and New Orleans Cold Storage) have invested in or are expanding their cold storage capabilities to meet the increasing worldwide demands for more protein.
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The first section of a concrete pour represents a significant milestone in the birth of any new spec industrial building! Charleston Industrial is very proud to show off our newest offering at Crosspoint, located in North Charleston’s Palmetto Commerce Industrial Park. Our foundation flooring is going down as we take advantage of the dry weather and excellent conditions for new construction.
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On September 29 Michael White, Broker-in-Charge of Charleston Industrial, LLC was a featured panelist at the 6th annual Urban Land Institute Capital Markets Conference. This event was held at the Sanctuary Hotel in Kiawah Island, SC and featured a host of leading real estate investors, lenders, and developers. This conference is a unique opportunity for connecting with equity and debt capital sources and gaining insights into the latest finance and investment trends.
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Originally published in The Post and Courier. BY WARREN L. WISE
Hundreds more jobs are landing in the Lowcountry with the Boeing Co. The Chicago-based airplane manufacturer said Tuesday it has leased a 104,000-square-foot building at Crosspoint in Palmetto Commerce Park in North Charleston. The site will be office and laboratory space for its new research center where 300-400 people will be employed.
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Originally published in The Post and Courier. BY WARREN L. WISE
Five years ago, shuttered storefronts, vacant warehouses and a glut of office space piled up around the Lowcountry as the last downturn wore on. Today, prime retail spots are fetching top dollar, office space is maxing out, and new large-scale commercial buildings are under construction or in the planning stages.
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Originally published in The Post and Courier. BY WARREN L. WISE
Palmetto Commerce Park is no longer nestled in a sleepy stretch of woods. The thriving industrial area in North Charleston is home to big-name businesses such as Boeing, Daimler, Cummins and a slew of others churning out everything from drive shafts to storage bins. Data centers and a 911 dispatch facility also are in the park.
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The ebb and flow of the tides has long been a part of Charleston’s storied history. One tide that has changed in the Charleston commercial real estate market is the increase in speculative industrial building. Charleston is in tight demand and speculative construction is starting to catch up. After a somewhat sluggish post-recession period, the demand for Class “A” buildings designed for manufacturing, warehousing and distribution is growing rapidly and private investors are heeding the call for new speculative development.
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This announcement from The Boeing Company is a very significant and positive announcement for the greater Charleston area and the state of South Carolina. We’ve been conducting final assembly for the Boeing 787-8 model for the better part of two and a half years. This most recent announcement clearly signifies that Boeing’s investment has paid off and as a corporation they have determined that Charleston is the best place for the future of the Dreamliner program.
Read MoreRECENTLY, CANADIAN CLIENTS CAME TO CHARLESTON ON A PROSPECTIVE SITE VISIT FOR A MANUFACTURING FACILITY.
They originally contacted us via our website and we quickly responded via phone calls and emails.
We nicknamed the visit “Project Champagne” and began strategizing their upcoming visit.
The Charleston Industrial market has been recovering for the past three years, since Boeing’s 787 Dreamliner Final Assembly campus opened in early 2011. Last year marked a decade-low vacancy rate (below 2% in Class A) as the market absorbed roughly one industrial building per month, tightening supply and providing upward pressure on rental rates. Total rent growth could exceed 10% this coming year, as companies new to the market will have far fewer choices than just one year ago. A knowledgeable tenant rep industrial broker commented recently after last week’s tour for 80-100k SF, “…my guys were pretty disappointed they only had four real choices and two of those were really beaten up buildings”.
Read MoreThe good press for Charleston continues and this time it is for the strength of its economy, not just for its beauty and great restaurants. While tourism will always be a constant economic engine in the area, the job growth in aerospace, logistics, and high-tech has really helped the Charleston metro area rank high in the top US performing cities.
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