Category Archives: Uncategorized
Dave Munday of The Post and Courier reports that the Charleston zoning board may be tapping the brakes on new hotel development in the city center with the decline of a request for a new 50-room hotel at 36 N. Market Street downtown.
Colliers International’s outstanding research team has analyzed Real Capital Market trends for the first half of 2016 vs prior year’s and found:
- Investment sale transactions nationwide were down 16% from the first half of 2015, with much of the decline in portfolio purchases.
- Investment capital remains robust with volume up 15% from the 2014 level, which was the high watermark until last year.
- Composition of transactions has changed significantly from the first half of 2015 to midway in 2016, with only multi-family (apartment) sales up (+9.7%) and the other major categories all down, led by hotels (-55%), Industrial (-31%), Retail (-20%), and Office (-12%).
- Despite the slowdown, pricing remains firm, even rising, led by office product (+13.6%), then industrial (+7.6%) then hotels (+4.5%), while apartments (+2.7%)and shopping centers (-0.5%) lagged. My own editorial – less volume, but higher prices; hmmm, makes one wonder about the quality of the product being traded or external influences such as a bottoming of interest rates…
- Through 2017, the Colliers mothership expects prices to continue rising and investor interest to remain strong as transaction volumes regain traction as a reflection of the strength and stability of the U.S. economy and remarkably low interest rates, with a warning: keep an eye on risks and avoid chasing yields as the growth cycle continues.
If you would like a copy of the entire article, please email me at scott.rogers at colliers.com.
John Orr, CCIM, and Elyse Chubb Welch, CCIM, of Colliers International announced the leasing of a 2,016 SF bay at Midtown on King Street that will open early next year. Warren Wise of The Post and Courier has the story here.
Blackbaud is adding more jobs, this time another 300 slots, to its already 3,100 jobs in the region. In the Fall, they will begin building a $154M, 360,000 SF office building that will open in 2018 near its headquarters campus on Daniel Island. That’s the biggest employment announcement since Volvo announced its $500M manufacturing plant in 2015, shortly after Mercedes announced a similar investment to build Sprinter vans expansion. Thad Moore has the story about Blackbaud here for The Post and Courier.
Thad Moore of The Post and Courier reports that Lyft, the ride-hailing app alternative to Uber, is eyeing to launch in CHS soon.
Del Webb Communities, creator of age-restricted residential developments across the Southern U.S., plans its second neighborhood at Nexton in Summerville. Jim Parker has the article here for The Post and Courier.
To reflect the highest percentage job growth in aviation in the nation, the state’s first in-depth study is underway of the region’s aerospace and defense manufacturing workforce and will be unveiled in late August. David Wren of The Post and Courier has the story here.
The Post and Courier’s Warren Wise has an update on all things retail in and around Charleston, including five new tenants announced for the Freshfields shopping center at Kiawah Island, and Sav-A-Lot’s grand opening of its second area store.
Ohio-based Lifestyle Communities and locally based The Seine Group assembled some dozen parcels at and around 44 Lines Street, today the location of AAA Downtown Storage. Development plans are unclear but are expected to be for apartments and commercial uses around some historic buildings. Warren Wise of The Post and Courier has the story here.