Category Archives: Market Reports
Colliers International Research Department, led by Pete Culliney, Director of Research in New York, and Andrew Nelson, Chief Economist in San Francisco, have published their Mid-Year 2016 U.S. Capital Flows Research and Market Report for the national capital markets. One of their many nuggets of information:
- Repeat sales (of the same property/ies), the best indicator of price movements, are, overall for the four major food groups (CBD office, retail, multifamily, and industrial) up 12% over the prior peak of 2008 in the top six metro markets, admittedly a far cry from our local market. But…
- The same property types outside the top six metro markets are still, on average, down 16% from the prior peak, but it is a mixed bag, with multi-family and CBD office higher than the prior peak while retail and industrial lag. See the chart below, thanks to the Colliers International report. If you would like a copy of it, please email us.
We all knew it was strong, but wow – the final figures are in from the Charlestson Trident Association of Realtors and an article from Warren Wise of The Post and Courier: total sales for 2015 were 16,202 and a median price of $229,000, up 13.7% and 6.5%, respectively. In December alone, sales were up 9%. Expert’s biggest concern – less than 5k homes are available for sale, down from 9,100 in 2010, and pricing beyond what a lot of people can afford.
CharlestonCREblog comment: This is all good news for apartment owners as the jobs growth continues, and this all means more renters.
After ranking as the #1 city in the U.S. and Canada in T+L’s World’s Best Awards – for the third straight year – readers of T+L voted CHS the #2 “Destination of the Year” award, behind only Nashville, TN. Allison Prang has the announcement here for The Post and Courier.
Warren Wise of The Post and Courier has the story here that CHS region home sales were up 14% in November year-over-year, but the forecast for 2016 suggests a modest slowing.
The Milken Institute is a California-based economic think tank that annually ranks Americas largest U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. CHS ranked #17, up 22 spots from its 2014 ranking. In the Southeast, it ranked behind only Raleigh (#6) and Charlotte (#13) and ahead of other Southeast cities such as Nashville (#18), Atlanta (#27), Orlando (#28), Savannah (#30), Fort Myers (#40), and Fort Lauderdale (#41). In South Carolina, Greenville ranked #52, Columbia at #107 and Myrtle Beach at #108. The biggest assets of CHS – job growth, high tech, manufacturing and the port. David Wren of The Post and Courier has the story and rankings here.
Led by three sales totaling $39.15M, Kiawah Island Real Estate reports sales for the first eight months of 2015 are $190M, up 24% over the same period last year ($153M). YTD contracts have totaled $239M (162 deals) vs $180M (139 deals) last year thru August. There were $20M in sales in August alone. Warren Wise has the article here for The Post and Courier.
A VA-based couple has paid a record $7.72M for a single-family home on the Battery downtown, eclipsing the highest price ever paid in Charleston. The house is known as The Colonel John Ashe House at 32 South Battery. The buyers are James and Augustine Smith of Roanoke, VA, developers of senior housing with an expanding footprint in the Lowcountry, so an affiliate of the Smiths bought an office building at 34 Broad St recently, too. John McDermott and Warren Wise have the story here for The Post and Courier.
David Wren of The Post and Courier reports on the recently released Colliers International Q2 2015 industrial market report for Charleston that highlights some “game changers” of some job creators such as Volvo Cars North America and Mercedes-Benz Sprinter Vans which, combined, will create over 5,300 direct jobs between just the two of them and a $1 BILLION investment in CHS. And the multipliers, automotive suppliers and third party logistics providers (and don’t forget Boeing) will grow automotive manufacturing in the region and across the state. The big picture – vacancy is now at 6.8%, down 300 basis points from just one year ago and leasing is robust with possibly as much as 2MSF to be be absorbed in 2015. Recent projects announced:
- Gerber Childrenswear – $33M, 477k SF distribution center in Berkeley County
- WestRock/SunCap – speculative 350k SF warehouse at North Pointe Business Campus in Hanahan.
- Childress Klein/Amstar – speculative 279k SF warehouse in Charleston Regional Business Center off Clements Ferry Road/I-526.
- Patillo Industrial Real Estate – 142k SF spec warehouse in Palmetto Commerce Park in N CHS; its expandable to 400k SF.
- Childress Klein/Jamestown – 272k SF multi-tenant building recently completed also in Palmetto Commerce Park.
- Lineage Logistics – 340k SF cold-storage distribution facility in Palmetto Commerce Park for exports like poultry and vegetables through the Port of CHS.
The top 20 retailers in the U.S. in terms of gross sales are, according to a list from BisNow.com – and two weren’t even really around 15 years ago (Amazon and Apple).
- Wal-Mart ($343B and 5,109 stores)
- Kroger Co ($103B and 3730 stores)
- Costco ($78B and 464 stores)
- Home Depot ($74B and 1,965 stores)
- Walgreens ($72B and 8,157 stores)
- Target ($72B and 1,790 stores)
- CVS/CareMark ($67B and 7,808 stores)
- Lowe’s ($54B)
- Amazon ($49N – NO STORES!)
- Safeway ($36B and 1,326 stores)
- Best Buy ($35B and 1,445 stores)
- McDonald’s ($35B and 14,350 stores)
- Publix ($30B and 1,296 stores)
- Apple ($28B and 259 stores)
- Macy’s ($28B and 821 stores)
- RiteAid ($26B and 4,570 stores)
- Ahold ($25B and 768 stores)
- Sears Holding ($25B and 1,659 stores)
- TJX Cos. ($22B and 2,569 stores)
- HEB Grocery ($19B and 317 stores)
Thus far in 2015, 9,600 homes have sold, up 19.3% from this time last year, and already past the total that sold for the entire year 2011. According to the article by Warren Wise of The Post and Courier, the Charleston Trident Association of Realtors also reports home sales in July alone were up 20.4% and the median price, at $237,750, was up 10%.