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South Carolina's commercial real estate market is booming

If you live in South Carolina and want to invest in commercial real estate, now may be the time. With a market that isn't seeing major increases in expenses but is seeing an influx of business, there hasn't been a better time to witness business growth since before the economic downturn.

The real estate market in South Carolina is in an economic boom, which is great news for developers and the economy. While some markets are still better than others, retail, office and industrial spaces are doing well. Vacancy rates have declined, and building has increased throughout the state.

Some interesting businesses being built across Columbia including various new supermarkets, while Charleston has seen a boom in aerospace engineering and automotive industries.

Vacancy rates for commercial sectors have dropped below 10 percent in the Lowcounty, which is a healthy market. The region is doing exceptionally well with unemployment, showing only a 3.8 percent unemployment rate. That's the lowest unemployment rate in the state.

Another area that should see an increase in business and growth is the Pee Dee region. There is a rail-served inland port being designed and built that will create a cargo hub. Retail is down across the state, but with an improvement in infrastructure and cargo transportation, that could change.

If you're looking for real estate in the commercial market, it could be a good time to invest. There are many developments starting out, and businesses are looking strong today and expected to do well in the future. Making a good purchase now could help you financially in the long term.

Source: The Post and Courier, "Chugging along: South Carolina commercial real estate market humming in economic boom," Warren L. Wise, Sep. 17, 2017

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