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.
Our Year-End 2014 Investment Market Report is out and it was another record year of sales in the Charleston region – with almost $900M in sales locally, almost half of which was multi-family sales, followed by office assets, shopping centers and hotels. See the complete report here.
CHS’ warehouses continue to fill up and with regional vacancy just 7.5% at year-end 2014, and down considerably in N CHS (6.9% in 2013 to 3.9% at year-end 2014), with significant demand for smaller spaces, from 15k-30k SF, all according to an article from David Wren of The Post and Courier. Our own Colliers industrial team, led by Hagood Morrison, SIOR, and Simons Johnson, SIOR, MCR, CCIM, reports much the same with almost 400k SF of absorption in Q4 alone, strongest in Hanahan/N. Rhett and N CHS, and very little under construction (a 275k and a 140k both at Palmetto Commerce Park). Their YE2014 Report on the CHS Industrial Market is available here.
Fresh off the press, Colliers International’s Mid-Year 2014 report on the Charleston investment market is now available at the link below. Click here to download the complete report.
Liz Segrist of The Charleston Regional Business Journal reports on the tightening warehouse market resulting in increasing rental rate pressure, justifying new construction. Colliers colleagues, Peter Fennelly, SIOR, MCR and Hagood Morrison, SIOR, are quoted saying new development will come by the end of 2014.
Ashley Barker of The Charleston Regional Business Journal reports the aged KMart on Savannah Hwy will close its doors for good in April as the site is re-developed. Colliers’ John Orr, CCIM, our local retail guru, says the site was sold to Hendrick Automotive Group for a car dealership.
Check out our year-end investment market report for Charleston. If you need any specifics on some transactions, trends, or opportunities, just call me.