Commercial Properties & Sites: Range Of Options & Opportunity

Meeting speed to market demands is evident by the features offered to business at commercial sites and properties.

By Nora Caley
From the May / June 2024 Issue

 

From manufacturers seeking high-tech industrial sites to businesses trying to attract workers to amenity-filled offices, the search for high-quality commercial real estate continues. While certain asset classes are still challenged by factors ranging from oversupply to rising interest rates to consumer uncertainty, others are gaining strength as owners invest in updates. Businesses are looking for the right properties in expedient timeframes, and economic development entities are highlighting new projects to answer a variety of demands.

According to the “2024 Commercial Real Estate Trends Report” from JPMorgan Chase, the office category faces obstacles, but there is optimism. Citing Moody’s analytics, the report noted vacancy rate for office reached 19.2% in Q3 2023, which was up from Q2 and approaches the historical high of 19.3%. While there has been much attention lately to the work-from-home trend and its effect on office occupancy, working on site is not obsolete.

Industrial is a bright spot, according to the “2024 Commercial Real Estate Outlook” from the Deloitte Center for Financial Services. Driven by e-commerce and third-party logistics providers and along with reshoring initiatives to bolster domestic manufacturing, demand for industrial properties has resulted in competition for space. Absorption has increased, rents have grown, and a record amount of new construction was scheduled to begin in 2023.

Here are some locations that are constructing, updating, and designing sites to attract businesses seeking commercial properties.

Bushy Park In South Carolina: Complete Services, Utilities

Bushy Park is home to manufacturing and industrial development. Located in Berkeley County just outside of Charleston, SC on 1,530 acres, this industrial site is home to more than 10 multi-national industrial and manufacturing companies. The manufacturing ranges from heavy fabrication to specialized chemical production, all supported by global supply chains. Bushy Park is zoned heavy industrial and is nestled between two rivers providing for a secluded industrial area.

Bushy Park provides unique value by supplying critical services and utilities. The site offers a suite of utilities to its tenants such as steam, nitrogen, compressed air, electricity, natural gas, and process water in addition to available land. These available utilities help tenants avoid additional capital expenditures and improve development, allowing for faster speed to market.

commercial sites
Bushy Park, home to manufacturing and industrial development, is located just outside of Charleston, SC. (Photo: Bushy Park)

 

In addition to its utilities infrastructure, Bushy Park supports logistical operations with an on-site rail line. This line is private and operated by Bushy Park personnel providing quick turnkey service. Barge operations are also supported at Bushy Park. With water access by way of Bushy Park’s barge slip, which can fit the largest ocean-going barges, Bushy Park offers a unique logistical solution for its tenants.

Site security, emergency response, maintenance support, and on-site occupational health are all offerings provided at Bushy Park. This complete package of services and utilities is a value that is not commonly found at many sites.

“Bushy Park is a unique asset to the low country of South Carolina. The site offers key resources for industrial development that are hard to find in one location. It is host to an impressive group of multi-national manufacturing companies and an attractive location for development.”

— Mike Graney, VP Global Business Development, Charleston Regional Development Alliance

Mike Graney, Vice President Global Business Development for the Charleston Regional Development Alliance, summed up the value by stating, “Bushy Park is a unique asset to the low country of South Carolina. The site offers key resources for industrial development that are hard to find in one location. It is host to an impressive group of multi-national manufacturing companies and an attractive location for development.”

Bushy Park is owned by Pacolet Milliken, LLC, a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned investment firm that owns and manages a diverse set of power and infrastructure and real estate assets located across the United States.

Pacolet Power & Infrastructure owns a diverse set of power, renewables, and infrastructure assets, including a regulated electric portfolio, an industrial utilities company, and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of industrial, multi-family, office, and retail properties, and focuses on multi-family and industrial warehouse development in the southeast, the southwest, and southern California. In both divisions, Pacolet seeks to impact the communities in which it operates and be a steward of the environment from a generational perspective.

Visit bushyparksc.com for more information.

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