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Columbia Business Monthly

The Business Narrative: Q4 2023 Charleston Retail Report

Mar 14, 2024 10:31AM ● By Donna Walker

Absorption, Construction Increase to End 2023

Charleston’s construction pipeline grew to 560,226 square feet in the fourth quarter of 2023, making up 45.33 percent of South Carolina’s total retail square feet under development, according to Colliers.

 

Collier said demand remained strong with an increase in preleasing activity and lease transactions contributing to the increase in net absorption to 64,245 square feet.

 

The increase in absorption allowed vacancy to decrease to 3.77 percent, despite the delivery of 14,505 square feet and the increase of overall lease rates to $32.30 per square foot, Colliers said.

 

It added strong overall population growth in South Carolina has been a large driving factor of retail performance improvements, with increases of 22.23 percent in Charleston County, 45.75 percent in Berkeley County and 25.09 percent in Dorchester County since 2010.

 

Growth is expected to continue with quality retail product transaction velocity increasing.

 

However, Colliers said Mt. Pleasant submarkets and master-planned communities may continue to face challenges with limited availability.

 

Colliers | South Carolina is the largest full-service commercial real estate firm
in South Carolina with 62 licensed real estate professionals covering the state
with locations in Charleston, Columbia, Greenville and Spartanburg. 

$11 Million Investment Will Create 78 Jobs

 DCC Metal Recycling (DCC), a metal shredding and recycling company, announced it is growing its South Carolina footprint with a new operation in Dillon County.

 

The company’s $11 million investment will create 78 jobs, according to the South Carolina Department of Commerce. 

 

Founded in Hemingway in 1943, DCC purchases, shreds and recycles scrap metals.

 

Officials said the process significantly reduces the cost and environmental impact of the company’s products which include aluminum, stainless steel and copper.

 

The new 48-acre site at 1324 Smith St. in Dillon will be the company’s seventh South Carolina operation.

 

Operations will be online in the first quarter of 2025. Those interested in joining DCC should go to the company’s careers page.

 

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

 

“Our new operation will be providing excellent job opportunities as well as the purchasing of metal recyclables from area scrap dealers and the general public,” said DCC Metal Recycling President and CEO Donald R. Brewer Jr. “The city of Dillon and South Carolina’s new inland port make it a perfect fit for our operation.”

 

“Today’s announcement is a tremendous win for one of our state’s rural communities, and we are eager to witness the impact these 78 new jobs will have in Dillon County,” said Secretary of Commerce Harry M. Lightsey III.

Ferroglobe Establishing First South Carolina Operations in Marlboro County

Ferroglobe, a global producer of silicon metal, said it is establishing its first South Carolina operations in Marlboro County.

 

The company’s $20 million investment will create 19 jobs, according to Gov. Henry McMaster’s office.

 

With 25 operations globally, Ferroglobe produces silicon metal and other silicon-based alloys for critical products such as aluminum, solar cells, semiconductors and batteries.

At the new operation on Brickyard Road in Wallace, the company will filter and process quartz from the soil. The quartz will then be distributed to Ferroglobe’s silicon plants across the country and used as an input for silicon metal production.

Operations are expected to be online in the second half of 2024. Those interested in joining Ferroglobe should contact Mary Collins ([email protected]).  

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

 

The council also awarded a $250,000 Rural Infrastructure Fund grant to Marlboro County.

Public Voting Narrows Field To 8 in 3rd Annual Manufacturing Madness Contest to Select ‘Coolest Thing Made In SC’

Eight products advance in the 3rd Annual Manufacturing Madness contest presented by BlueCross BlueShield of South Carolina.

 

The winner will earn the title of “Coolest Thing Made in SC.”

 

Members of the public voted March 4-7 for their favorites during the Top 16 round, and more than 103,000 votes were cast to determine which products would advance to the Top 8 bracket.

 

Voters can go to scmanufacturingmadness.com to select a winner from each pairing in the bracket, cutting the field in half each week until the ultimate winner is selected from the Top 4.

 

The winner will be announced in a ceremony at the Statehouse on March 28th.

 

The 2024 Top 8 finalists are:

 

Honda Talon 1000R-4 Fox Live Valve, American Honda Motor Co., Inc. South Carolina Manufacturing, Florence

 

9-Speed Automatic Transmission, ZF Transmissions, Laurens

 

High Noon Sun Sips, E. & J. Gallo Winery, Chester

 

M240 Series Machine Guns, FN Manufacturing, LLC, Richland

 

Fire Sprinklers, Reliable Automatic Sprinkler Co., Inc., Pickens

 

670LXS, Scout Boats, Dorchester

 

Reishi, MycoWorks, Union

 

Signa Hero MRI Scanner, GE HealthCare, Florence.

 

Created by the South Carolina Manufacturers Alliance, the Manufacturing Madness: The Coolest Thing Made in SC contest debuted in 2022.

 

The F-16 Fighting Falcon made by Lockheed Martin in Greenville won the contest in 2023, and Steel made by Nucor Steel Berkeley in Huger won the inaugural contest in 2022.

 

Remaining Contest Timeline:
March 11-14: Top 8 bracket voting
March 18-21: Final round of bracket voting
March 28: Winner announced.

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