2013 charleston commercial market forecast: multifamily and land update
DESCRIPTION
The multifamily and land market update given at the 2013 Charleston-area commercial market forecast, on October 24, 2013 at the Daniel Island Club. The presentation was given by Daniel J. Doyle, Vice President of Development with The Beach Company.TRANSCRIPT
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www.CharlestonCommercialMarketForecast.com
Multifamily / LandAnalysis and Outlook 2013
Presented By:Dan Doyle
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Charleston MSA Historical and Projected Population
2000 2010 2015 2020 -
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
142,651 177,843 187,800
309,969 350,209 360,600
96,413 136,555 152,000
549,033
664,607 700,400
Berkeley Charleston Dorchester Tri-County
Population
* Projections were provided by the Bureau of Labor Statistics. The 2012 Charleston MSA population is 697,439.
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Charleston MSA Vs. National Historical and Projected Unemployment Percentage
2010 2011 2012 2013 20140.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
9.29%8.45%
7.40%
6.13% 5.93%
9.60%
8.90%
8.10%
7.20%6.60%
Local Unemployment
National Unemployment
Unemployment %
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Real Data: Charleston Area Submarket Multifamily Performance Recap
Central Goose Creek James Island Mt. Pleasant North Charleston
Summerville West Ashley Tri County Area
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
$870 $853
$1,079
$1,245
$742$847 $879 $903
6.0%
4.2%
2.8%
9.1%
4.6%
6.9%
2.7%
5.2%Rental Rate
Vacancy Rate
Average Rent ($) Vacancy Rate (%)
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Charleston Multifamily Construction Pipeline Breakdown
Downtown Mt. Pleasant / Daniel Island
James Island Johns Island West Ashley North Charleston
Hanahan Summerville Total -
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
656
3,113
578 528
1,717 1,391
331 784
9,098
Pipeline Unit Count
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Riviera at Seaside– Mt. Pleasant, SC
Flats at Mixson– North Charleston, SC
The Parks at Nexton– Summerville, SC
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Multifamily / Land
• Land
• Opportunities Still Available
• Current & Future Risks- Supply- Rising Construction Costs
On the Horizon