Charleston named ‘Top 10 Commercial Real Estate Market’; more homes on way to Johns Island | Real Estate
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Charleston is a “Top 10 Commercial Real Estate Market,” says the national group
The Charleston area’s appeal continues in both residential and commercial markets as the area was recently named a “Top 10 Commercial Real Estate Market” by the National Association of Realtors.
The group identified the major commercial real estate markets in the United States and showed stronger economic and commercial market conditions compared to the national average.
Based on data from the fourth quarter of 2020 for sectors such as apartment buildings, office, industrial, retail and hotel real estate, 25 indicators of market conditions have been considered for the economic, demographic, residential and commercial sectors of the area.
In the ranking, the unemployment rate in the Charleston area was given in December at 4.3 percent compared to the national unemployment rate of 6.7 percent. It was also noted that office space was 9.4 percent compared to 15.5 percent domestically.
Construction of the 380-unit Morrison Yard apartment building on Morrison Drive in the Charleston Peninsula will continue on March 19. Commercial construction in the Charleston area has not slowed due to the pandemic. Warren L. Wise / staff
The group also said the region’s hospitality sector continued to be affected by the coronavirus, but saw the strength of commercial property construction as helping to boost the economy. 2 million square meters are under construction and make up 2 percent of current industry 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
Almost 400 homes planned in the new development of Johns Island
Pulte Homes will build 387 homes in Sea Island Preserve, a new development on Main Road west of the Maybank Highway.
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By the numbers
3: Number of restaurants newly opened or en route to Charleston.
3: Number of liquor and beer makers that will be operating just blocks apart on Spruill Avenue in North Charleston when Nippitaty Distillery moves to a 2,900-square-foot facility near Park Circle.
4,800: Square footage at St. Andrews Center in West Ashley, where an Orangeburg-based alcoholic beverage business recently applied for a state license.
This week in real estate
+ Short-term limits: Mount Pleasant will be considering a proposal in April to limit the maximum number of short-term rentals to 350. This is a controversial move that some consider to be too restrictive.
+ Boom …: The rapid growth of the Charleston area extends west along Interstate 26 and nudges into what was once sleepy Ridgeville. The residents hope that their new fortune will not ruin the city.
+ … & balance: Charleston Farms, a still affordable community that has been ravaged by crime over the years and is not far from Park Circle in North Charleston, is working to improve its image but wants to keep property prices in check.
Corner café proposal enjoyed and abused
A couple of Charleston restaurant owners want the vacant building on Ashley Ave. 80 into a small café and garden shop on the Lower Peninsula, but local residents are against it. Warren L. Wise / staff
A couple of Charleston restaurant owners want a coffee shop and garden shop in a long-vacant gas station on Ashley Ave. 80 opens in Harleston Village, but the move has generated mixed reviews from the neighborhood, some delighted and some regretful.
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To reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.