Supply Limitations Driving Tenant Competition

(123rf.com Image)

South Carolina’s retail market continues to tighten as population growth and high construction costs combine to limit vacancy and drive rents higher across the state, according to a new report from Colliers, the largest full-service commercial real estate firm in South Carolina with 66 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg

Colliers said high-quality availabilities are rare, often sparking competition between tenants.

It said persistently high ground-up construction costs are driving redevelopment of existing properties, as several legacy malls across the state are undergoing demolition and replacement with mixed-use centers.

Colliers also said new construction is increasingly expanding outside of existing retail nodes with a focus on grocery-anchored centers and small strip buildings on outparcels.

Colliers said income growth is a significant driver for new retailers entering the state, and investment sales volume remained consistent with historical averages at $252M, though sidelined capital is likely to be deployed if capitalization rate spreads improve as anticipated.

Total inventory decreased to 100,734,775 square feet despite the delivery of 394,695 square feet of new construction as several aging properties were demolished.

Absorption remained steady at 309,204 square feet, lowering vacancy to 2.86 percent statewide. In all, 375,917 square feet remain under construction.

Shop space asking rents rose to $24.36.

CEO of Columbia Metropolitan Airport Steps Down After a Decade of Service

Columbia Metropolitan Airport (CAE) announced that Michael Gula formally stepped down as president/CEO, effective Dec. 13, 2024.

Officials said his decision to resign was made amicably in coordination with the airport’s oversight commission and reflects his desire to pursue new opportunities and spend more time with his family.

Gula has been an integral part of CAE’s success story, joining as director of Operations in 2014 and being promoted to CEO in 2018.

During his tenure, he oversaw a period of significant growth and progress for the airport, including:

* Adding air service by VIA Airlines, Silver Airways, and Allegiant.

* Introducing service to Miami and Chicago and expanding service to LaGuardia Airport.

* Securing $8 million in grants for infrastructure, service, and cargo upgrades.

* Leading a multi-million-dollar checked baggage inspection system improvement project.

* Expanding TSA checkpoint services and enhancing food and beverage offerings.

* Installing a 2.3 megawatt solar farm, resulting in approximately $280,000 in annual savings.

Reflecting on his time at CAE, Gula said, “It has been an absolute privilege to serve the citizens of the Midlands, and I will forever be grateful for the opportunity. I am incredibly proud of what we have accomplished together over the past 10 years, and I am confident that the Airport is well-positioned for continued success.”

He added, “I will always cherish the dedication of the CAE team and the support of the Commission during my tenure.”

Anton Gunn, chair of the Columbia Metropolitan Airport commission, expressed his gratitude, saying, “On behalf of the commission and myself, it has been an honor working with Michael Gula."

Gunn added, "His contributions have helped transform CAE into a leader in regional air travel, and we wish him and his family all the best in this next chapter.”

Airport officials said Gula will remain available over the coming months to assist with the transition of responsibilities.

In the meantime, CAE’s current administrative team will oversee operations, and a nationwide search for a new CEO will be conducted, the officials said.

Wayne Brothers Grows SC Footprint With New Operation in Colleton County

Mesa Land Services Establishing Operations in Charleston County

 Mesa Land Services, a provider of easement acquisition and title search solutions, announced it is establishing its first operation in Charleston County.

The company’s $1.3 million investment will create 24 jobs, according to Gov. Henry McMaster’s office.

Mesa Land Services specializes in software to streamline the utility easement acquisition process.

Located at 1459 Stuart Englas Blvd. in Mount Pleasant, Mesa Land Services’ new facility serves as the company’s headquarters and main office.

Operations are online. Those interested in joining the Mesa Land Services team should go to the company’s careers page.

“As a woman-owned business specializing in title research and easement acquisition, I’m thrilled to bring our company to South Carolina,” said Mesa Land Services President Julie Mote.

Mote added, “I’m excited to contribute to its growth by providing reliable, thoughtful solutions for landowners, developers and the broader community.” 

Allow us to tell your company's Business Narrative. Send your press release to David Dykes or for more information email [email protected]