Columbia, SC (Augusta 9, 2017) – Newmark Wilson Kibler, a leading real estate services firm, is pleased to announce the recent sale of 1450 Bluff Road to NC Interiors Contracting of Gastonia, N.C for $1.7 million.   George McCutchen, CCIM, SIOR represented the seller in the transaction.

NC Interiors Contracting, who specializes in governmental facility construction services, is expanding its presence to the Columbia market.

McCutchen said of the transaction, “I enjoy helping folks grow their operations.  NC Interiors Contracting does beautiful work, specializing in government facilities.  Their expansion from Charlotte to Columbia makes perfect sense because it is the capital of the state, and home to Fort Jackson, and USC.

The 17,000 SF space on 5.8 acres is located at the corner of Bluff Rd. and Idlewilde Dr. and was formerly an 18-wheeler truck repair facility. It has road frontage on Idlewilde and Key Roads.

 

About Wilson Kibler

Newmark Wilson Kibler is a full-service commercial real estate company with offices in Columbia, Charleston, Greenville, and Myrtle Beach, South Carolina.  Our firm provides a broad range of commercial real estate services throughout the state, including tenant and buyer representation, project leasing, acquisition and disposition, property management, development and consultation.  Each of these services is staffed by highly regarded professionals focused on providing value for our clients throughout all phases of our assignments.  Our firm is an Accredited Management Organization and our professionals hold prestigious designations including CCIM, CPM and SIOR.

For further information visit www.wilsonkibler.com.

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Columbia, S.C. (April 24, 2017) – Newmark Grubb Wilson Kibler, a leading real estate services firm, has released its market reports for first-quarter 2017.  Charleston’s industrial and office real estate markets continue to report healthy numbers.

The Charleston office market ended the first quarter of 2017 with a vacancy rate of 7.1%, up from the previous quarter’s 6.6% vacancy rate, largely due to the number of deliveries seen across the market.

Some of the notable deliveries in the quarter included:

• 2387 Clements Ferry Road— A 41,420-square-foot facility, currently boasting 100% occupancy
• 526 Johnnie Dodds Boulevard—A 9,135-square-foot building, currently at 42% occupancy

During first-quarter 2017, five buildings totaling 57,055 square feet were completed in the Charleston/North

Charleston market area.  This compares to four buildings totaling 26,307 square feet in the previous quarter.

Vacant sublease space, on the other hand, declined significantly, down to 27,150 square feet in the first-quarter 2017 from 41,088 square feet in the previous quarter.

Rental rates continued to rise across the market, reaching a record high of $21.31/SF in the first-quarter 2017.  Buildings across all classes demanded all-time-high rates.  Class A buildings quoted rates of $30.41/SF, while Class B Buildings quoted $18.96/S.

The largest least signings over the quarter included:

• The 19,515-square-foot lease signed by The Salvation Army at 6209 Rivers Avenue in the North Charleston market
• The 12,736-square-foot lease signed by Cornerstone Wealth Advisory at 8550 Dorchester Road in the Dorchester County market
• The 6,854-square-foot lease signed by Sweetgrass Pediatrics at Sweetgrass Pediatrics Park West in the Mount Pleasant Market

The Charleston industrial market saw its overall vacancy rate hit a record low of 5.5% in the first quarter of 2017, down from 6.6% in the previous quarter.  At the same time, rental rates continued to rise, with quoted rates across the market clocking in at $5.66/SF.  Flex rates were up to $15.48/SF from $13.12/SF in the previous quarter, while warehouse rates increased to $5.17/SF from $4.99/SF over the same time period.

Six buildings totaling 292,002 square feet were completed in the Charleston/North Charleston market area during the first-quarter 2017.  This compares to four buildings totaling 504,010 square feet completed in fourth-quarter 2016.  Despite reporting lower numbers, there were still 6.8 million square feet of industrial space under construction at the end of the first-quarter 2017, so expect to see a healthy number of deliveries in the coming year.

Notable deliveries thus far in 2017 included:

• Airport Commerce Center, Building 300, a 100,000-square-foot facility that currently boasts 100% occupancy
• Google Data Center, an 82,505 square-foot building that is also currently 100% occupied

The largest lease signings during 2017 included:

• The 50,000-square-foot lease signed by The Inspectors, LLC at Berchtold in the North Charleston market
• The 39,000-square-foot de4al signed by Chadwell Supply South Carolina at Crosspoint Building 5 in the North Charleston market
• The 36,000-square-foot lease signed by Texene, LLC at 315 Industrial Drive in the Dorchester County market

 

To view full reports for Charleston, Greenville and Columbia please visit www.wilsonkibler.com/research.

 

About Newmark Grubb Wilson Kibler

Newmark Grubb Wilson Kibler is a full-service commercial real estate company with offices in Columbia, Charleston, Greenville, and Myrtle Beach, South Carolina.  Our firm provides a broad range of commercial real estate services throughout the state, including tenant and buyer representation, project leasing, acquisition and disposition, property management, development and consultation.  Each of these services is staffed by highly regarded professionals focused on providing value for our clients throughout all phases of our assignments.  Our firm is an Accredited Management Organization and our professionals hold prestigious designations including CCIM, CPM and SIOR.

For further information visit www.wilsonkibler.com.

 

Columbia, S.C. (April 24, 2017) – Newmark Grubb Wilson Kibler, a leading real estate services firm, has released its market reports for first-quarter 2017.  Columbia’s industrial and office real estate markets showed lower vacancy rates over the previous quarter, reflecting a healthy market overall.

The Columbia office market vacancy fell to 6.5% during first-quarter 2017- the lowest rate the market has seen in a decade.

Rental rates remained steady during the first quarter, with a mere 0.1% increase from $15.79/SF from $15.78/SF at the end of the fourth-quarter 2016.  The Class A sector boasted rates of $20.78/SF, while Class B rates held strong at $14.96/SF and Class C at $13.27/SF.  North Columbia led across classes with the highest rental rates in the market, averaging $23.13/SF.

One building was delivered during first-quarter 2017, totaling 2,500 square feet.  This compares to one building totaling 4,300 square feet completed in fourth-quarter 2016.  74,460 square feet of office space remained under construction in the Columbia market by the end of the quarter.

The largest lease signings occurring in 2017 included:

• The 5,306-square-foot lease signed by Midlands Montessori School, LLC at Gibson Commons in the Lexington market
• The 4,000-square-foot deal signed by The Body Shop at 1720 Dutch Fork Road in the Dutch Fork/Irmo market
• The 3,000-square-foot lease signed by Five Eleven, Inc. at 1 Windsor Cove in the Northeast Columbia market

The Columbia industrial market vacancy also fell this quarter, from 8.0% in fourth-quarter 2016 to 7.2% first-quarter 2017.  Absorption for the overall Columbia industrial market, including flex and warehouse space, was positive 519,065 square feet.  This reflects a tightening industrial market nationwide, as retailers and logistics companies are moving to occupy warehouses across the country to ensure online orders reach customers as quickly as possible.

Combined flex and warehouse rates in the Columbia market declined slightly in first-quarter 2017 to $3.90/SF, down from $3.93/SF in the previous quarter.  In fact, rates are currently at a two-year low after reaching a high of $4.35/SF in first-quarter 2015.  Flex space rental rates dropped to $6.48/SF this quarter from $8.08/SF in fourth-quarter 2016.  Warehouse rates fell slightly to $3.65/SF from $3.69/SF during the same time period.

The largest lease signings occurring thus far in 2017 included:

• The 32,000-square-foot lease signed by Bridgestone at 1080 Shop Road in the Southeast Columbia market
• The 12,500-square-foot deal signed by American Foam Products at 1000 Fontaine Road in the Northeast Columbia market
• The 7,239-square-foot lease signed by Metro Treatment of South Carolina at 560 Chris drive in the Cayce West Columbia market

 

To view full reports for Charleston, Greenville and Columbia please visit www.wilsonkibler.com/research.

 

About Newmark Grubb Wilson Kibler

Newmark Grubb Wilson Kibler is a full-service commercial real estate company with offices in Columbia, Charleston, Greenville, and Myrtle Beach, South Carolina.  Our firm provides a broad range of commercial real estate services throughout the state, including tenant and buyer representation, project leasing, acquisition and disposition, property management, development and consultation.  Each of these services is staffed by highly regarded professionals focused on providing value for our clients throughout all phases of our assignments.  Our firm is an Accredited Management Organization and our professionals hold prestigious designations including CCIM, CPM and SIOR.

For further information visit www.wilsonkibler.com.

SCDOT Chairman Speaks on the Condition of SC Roads

Columbia, S.C. (March 15, 2017) – Chairman of the South Carolina Department of Transportation (SCDOT), Woodrow “Woody” Willard, spoke today at Newmark Grubb Wilson Kibler’s offices in Columbia on the condition of South Carolina’s roads and the Department’s current goals for addressing roadway conditions.

Willard says the current state of South Carolina’s roadways leaves little room for errors and contributes to unnecessary traffic fatalities and traffic-related injuries each year.  According to the Institute on Highway Safety, South Carolina ranked second only to Wyoming in the number of traffic related deaths per population in 2015 (20 deaths per 100,000 people).

Willard went on to outline SCDOT’s plans to address roadway issues.  He said rural roads are the site of the majority of traffic-related deaths and injuries in the state, and the Department has prioritized repairing those areas.  Other areas of focus, include:

• Increasing Resurfacing Programs statewide
• Widening roads along South Carolina’s freight network, both on and off of the interstate
• Increasing routine maintenance in order to address the backlog of deferred day-to-day needs of the system
• Replace structurally deficient bridges
• Improve transit to move people more efficiently

Unfortunately, these programs are costly, and Willard estimated SCDOT would need an additional $1 billion annually to address South Carolina’s roadway deficits entirely.  They would need an additional $800 million to bring 55% of roadway pavements to what they call “good” condition.

 

About Wilson Kibler

Newmark Grubb Wilson Kibler is a full-service commercial real estate company with offices in Columbia, Charleston, Greenville, and Myrtle Beach, South Carolina.  Our firm provides a broad range of commercial real estate services throughout the state, including tenant and buyer representation, project leasing, acquisition and disposition, property management, development and consultation.  Each of these services is staffed by highly regarded professionals focused on providing value for our clients throughout all phases of our assignments.  Our firm is an Accredited Management Organization and our professionals hold prestigious designations including CCIM, CPM and SIOR.