Economic Development in South Carolina

[krazeeboi]

They had a good story on WYFF-TV tonight about VP of Ford Motor Company visiting ICAR today. He had very good things to say and don't be suprised to see a collaboration between Ford and ICAR in the near future.

That would be interesting.

[krazeeboi]

From the latest edition of SC Employment Trends:

South Carolina

[CorgiMatt]

From the latest edition of SC Employment Trends:

Labor force and unemployment statistics can be found here.

Columbia has been humming along for some time now, following that recession the nation had a while back.

[krazeeboi]

Those stats show that there's much more to Columbia's economy than state government and USC.

[MikesLogic]

Some interesting office rental numbers from Colliers

Our local numbers

Downtown Q4'06 Rents:


												 Class A Rent,	  Annual %

					 MARKET						 $ PSF		   Change

  Charlotte, NC									 22.76			  6.7

  Charleston, SC									27.22			  1.0

  Columbia, SC									  19.66			 -0.6

  Greenville, SC									16.48			-12.9



  Suburban Q4'06 Rents:


												 Class A			Annual %

				 MARKET						Rent, $ PSF		  Change

  Columbia, SC									 17.76			  16.4

  Greenville, SC								   18.53			  10.8

  Charleston, SC								   24.50			   2.1

  Charlotte, NC									19.71			   1.4

All markets

Downtown Q4'06 Rents:


												 Class A Rent,	  Annual %

					 MARKET						 $ PSF		   Change


  Las Vegas, NV									 39.00			 34.9

  New York, NY - Midtown Manhattan				  79.57			 33.4

  Dallas/Ft. Worth, TX							  24.50			 28.3

  New York, NY - Downtown Manhattan				 48.43			 25.3

  Los Angeles, CA								   34.44			 24.2

  New York, NY - Midtown South Manhattan			44.45			 23.5

  Nashville										 20.87			 19.3

  West Palm Beach, FL							   35.06			 16.1

  San Francisco, CA								 40.00			 13.0

  Houston, TX									   23.90			 12.8

  San Diego County, CA							  34.20			 12.4

  Reno, NV										  23.52			 12.0

  Denver, CO										23.75			 12.0

  Boston, MA										46.00			 11.2

  Orlando, FL									   26.52			 10.5

  Ft. Lauderdale/Broward County, FL				 30.25			 10.4

  Oakland, CA									   28.20			  9.8

  Seattle, WA									   27.50			  9.3

  Miami, FL										 33.11			  9.1

  Honolulu, HI									  34.20			  8.6

  Charlotte, NC									 22.76			  6.7

  Sacramento, CA									30.10			  6.1

  Chicago, IL									   36.00			  5.9

  Boise, ID										 19.95			  5.6

  Tampa Bay, FL									 20.72			  5.1

  Fresno, CA										24.00			  4.3

  Little Rock, AR								   14.75			  4.2

  Pleasanton/Walnut Creek, CA					   26.88			  4.2

  Portland, OR									  21.34			  3.9

  Louisville, KY									19.98			  2.8

  Baltimore, MD									 23.82			  2.7

  Jacksonville, FL								  20.00			  2.6

  Philadelphia, PA								  23.69			  2.1

  St. Louis, MO									 20.58			  1.5

  Phoenix, AZ									   21.43			  1.3

  Raleigh/Durham/Chapel Hill, NC					19.25			  1.3

  Charleston, SC									27.22			  1.0

  San Jose/Silicon Valley, CA					   30.42			  0.5

  Bakersfield, CA								   17.40			  0.0

  Cincinnati, OH									21.78			  0.0

  Milwaukee, WI									 22.00			  0.0

  Memphis, TN									   16.58			 -0.2

  Hartford, CT									  24.19			 -0.2

  Columbia, SC									  19.66			 -0.6

  Indianapolis, IN								  19.41			 -0.9

  Washington, DC									44.93			 -1.0

  Minneapolis/St. Paul, MN						  24.43			 -1.1

  Kansas City, MO-KS								20.53			 -1.4

  Detroit, MI									   22.00			 -2.2

  Atlanta, GA									   21.86			 -2.2

  Cleveland, OH									 20.31			 -2.8

  Greenville, SC									16.48			-12.9


  Suburban Q4'06 Rents:



												 Class A			Annual %

				 MARKET						Rent, $ PSF		  Change


  Seattle, WA									  26.01			  19.5

  Boston, MA									   24.00			  19.2

  Orlando, FL									  22.59			  18.9

  Dallas/Ft. Worth, TX							 26.00			  18.2

  San Jose/Silicon Valley, CA					  32.10			  17.9

  Columbia, SC									 17.76			  16.4

  San Francisco Peninsula - San Mateo County, CA   29.64			  15.4

  Miami, FL										34.45			  15.0

  West Palm Beach, FL							  28.00			  12.9

  Houston, TX									  22.38			  12.0

  Washington, DC - N. Virginia					 32.50			  11.6

  Ft. Lauderdale/Broward County, FL				28.00			  11.5

  Greenville, SC								   18.53			  10.8

  Oakland, CA									  28.12			  10.5

  Sacramento, CA								   25.90			  10.3

  Orange County, CA								34.25			   9.4

  Tampa Bay, FL									23.14			   9.3

  New York - Fairfield County, CT				  30.38			   8.6

  Pleasanton/Walnut Creek, CA					  26.40			   8.4

  Los Angeles, CA								  32.40			   7.6

  San Diego County, CA							 35.88			   6.8

  Nashville, TN									20.04			   6.5

  Denver, CO									   21.14			   5.3

  Reno, NV										 24.00			   5.3

  Raleigh/Durham/Chapel Hill, NC				   19.75			   3.9

  Jacksonville, FL								 20.50			   3.8

  Minneapolis/St. Paul, MN						 24.02			   3.7

  Atlanta, GA									  21.96			   3.2

  Cleveland, OH									21.66			   3.1

  Phoenix, AZ									  23.38			   3.1

  Hartford, CT									 20.71			   2.9

  New Jersey - Northern							28.18			   2.8

  Charleston, SC								   24.50			   2.1

  Washington, DC - Suburban, MD					27.05			   1.8

  New York - Westchester County, NY				27.61			   1.7

  Charlotte, NC									19.71			   1.4

  Memphis, TN									  20.77			   1.3

  Kansas City, MO-KS							   20.60			   1.2

  Las Vegas, NV									32.16			   1.1

  Baltimore, MD									24.55			   1.0

  Indianapolis, IN								 19.25			   0.7

  New Jersey - Central							 25.48			   0.6

  Philadelphia, PA								 22.95			   0.2

  Cincinnati, OH								   19.80			   0.2

  Bakersfield, CA								  19.80			   0.0

  Detroit, MI									  23.50			   0.0

  Fresno, CA									   26.40			   0.0

  Little Rock, AR								  17.85			   0.0

  Milwaukee, WI									21.00			   0.0

  St. Louis, MO									23.00			   0.0

  Portland, OR									 21.75			   0.0

  Louisville, KY								   17.13			  -2.7

  Boise, ID										16.24			  -3.7

  Chicago, IL									  22.27			  -5.7

Edited January 26, 2007 by MikesLogic

[Spartan]

Whats up with Greenville?

[g-man430]

^^^Take a look at the "state of downtown retail" thread in the Greenville forum and then you'll know.

[GvilleSC]

What are the occupancy rates for each of these areas in relation to the rent? (Just SC's metros)

Edited January 26, 2007 by GvilleSC

[MikesLogic]

What are the occupancy rates for each of these areas in relation to the rent? (Just SC's metros)

Latest data from Colliers International Property Consultants for Greenville is from 2005

Downtown Class A Occupancy Q4'06

Charleston 90.12%

Columbia 87.04%

Suburban Class A Occupancy Q4'06

Charleston 95.16%

Columbia 89.38%

---

Downtown Greenville(Q4'05) 92.97%

Suburban Greenville(Q4'05) 81.84%

A lot changes in a year so it's hard to use those for comparisons. Soon as the Q4'06 for Greenville is released I will update the post or repost.

Edited January 26, 2007 by MikesLogic

[goodbye]

Whats up with Greenville?

Downtown Greenville does have a very high occupancy rate though.

[goodbye]

Here is an interesting (and relavant) article on the validity of commercial real estate data. I found the last sentence to be quite fascinating, considering what we continually discuss on these forums.

[MikesLogic]

A good read indeed, the numbers I posted are from Colliers and they have offices in all 3 of our Metropolitan areas. The statistics are collected on office buildings 10,000 square feet and greater and does not include churches.

[Spartan]

^^^Take a look at the "state of downtown retail" thread in the Greenville forum and then you'll know.

True, but this is commercial offices though, not retail.

Downtown Greenville does have a very high occupancy rate though.

True. But that drop in price must mean something, though I am not sure what. Did any major office building/tower go offline or any reason? Or did any come online that would create a glut of space that needs filling... Perhaps RiverPlace and ICAR are showing some effects here?

That article was good, btw, but it sort of stated the obvious. These numbers should be taken in context since they are a snapshot of last year. But you can take these numbers and all others collected so far and see real trends.

[krazeeboi]

True. But that drop in price must mean something, though I am not sure what. Did any major office building/tower go offline or any reason? Or did any come online that would create a glut of space that needs filling... Perhaps RiverPlace and ICAR are showing some effects here?

If that's the case, I wonder if we will see a similar trend in Columbia once more Innovista buildings come online (not to mention in a few years when SCANA leaves for Cayce).

[Spartan]

Its very possible, unless the demand is there to fill up the space. This is just speculation on my part though. I am by no means knowledgable in the details of commercial office real estate I do know that prices are related to demand (thought not exclusively) and that lower prices can be tied to lower demand, among other things.

[GvilleSC]

Another corporate headquarters is leaving. Bowater's headquarters is leaving downtown Greenville. The company is merging with a Quebec company. Some jobs will remain in Greenville.

link

Edited January 29, 2007 by GvilleSC

[803metlife]

Another corporate headquarters is leaving. Bowater's headquarters is leaving downtown Greenville. The company is merging with a Quebec company. Some jobs will remain in Greenville.

link

I ran into someone this weekend from Greenville and they were telling me about the recent departure of headquarters leaving the Greenville area . For this situation it doesn't look like anything could have prevented Bowater from relocating.

[GvilleSC]

I ran into someone this weekend from Greenville and they were telling me about the recent departure of headquarters leaving the Greenville area . For this situation it doesn't look like anything could have prevented Bowater from relocating.

No and while jobs will still be in Greenville, the loss of a headquarters is what mainly hurts. It's another good name off the list. But I'm confident in the city's drive to recruit more headquarters and grow local companies.

[goodbye]

I ran into someone this weekend from Greenville and they were telling me about the recent departure of headquarters leaving the Greenville area . For this situation it doesn't look like anything could have prevented Bowater from relocating.

I wonder what other "deprature of headquarters" this person was referring to? I am unaware (or forgetful) of any others at this point in time. I know we had a discussion recently about the possibility of Lockheed Martin moving to another state, but nothing has been decided in that regard, and our state is considering a proposal to act on a plan in an attempt to retain the company (not a headquarters, BTW). Beyond that, I can only think of the recent additions of headquarters to the Greenville area (Hubbell Lighting, Genesis Press, etc.).

[GvilleSC]

I wonder what other "deprature of headquarters" this person was referring to? I am unaware (or forgetful) of any others at this point in time. I know we had a discussion recently about the possibility of Lockheed Martin moving to another state, but nothing has been decided in that regard, and our state is considering a proposal to act on a plan in an attempt to retain the company (not a headquarters, BTW). Beyond that, I can only think of the recent additions of headquarters to the Greenville area (Hubbell Lighting, Genesis Press, etc.).

I was trying to think of others too. The Greenville News alluded to other companies having moved away...

You know, Michelin is moving their North American HQ!

Only kidding, guys. Go change your pants and continuing browsing...

[krazeeboi]

Another corporate headquarters is leaving. Bowater's headquarters is leaving downtown Greenville. The company is merging with a Quebec company. Some jobs will remain in Greenville.

link

[g-man430]

Not suprising they're leaving.

Edited January 30, 2007 by g-man430

[goodbye]

Not suprising they're leaving. More will probably follow suit soon too.

I see you edited your post just as I was about to reply. What do you know about this situation? What reason do you have to say anything negative about Greenville attracting new companies? This deal is completely out of the City's hands. I had heard/read months ago that Bowater has been looking to merge or sell. This was not a surprise to me, although I am obviously disappointed.

Crap. You edited it again.

Edited January 30, 2007 by Skyliner

[g-man430]

Greenville sucks at attracting companies except for South Financial. Hubbell doesn't count because they moved from one county over. Wake up and smell the coffee Skyliner. Charlotte can get NASCAR and Atlanta can get whatever they want. Why can't Greenville get any really big companies like they used too? i.e. Michelin, BMW, lockheed Martin.

Edited January 30, 2007 by g-man430

[goodbye]

Greenville sucks at attracting companies except for South Financial. Hubbell doesn't count because they moved from one county over. Wake up and smell the coffee Skyliner. Charlotte can get NASCAR and Atlanta can get whatever they want. Why can't Greenville get any really big companies like they used too? i.e. Michelin, BMW, lockheed Martin.

Hubbell doesn't count? Are you kidding? They chose Greenville over other locations - their own original location being one of those. South Financial counts in the same manner, since they were already located in Greenville, but chose to stay here over moving to Florida. If you think Greenville sucks at attracting companies, you are completely wrong, or at least horribly misinformed. Greenville is home to more international companies per capita than any other metro in the nation. That says everything you need to know.