Since the advent of the hybrid workplace, the home office movement has taken hold and changed the way that many contractors, corporate workers, entrepreneurs, and small business owners get work done. While working remotely certainly has its benefits, many professionals are beginning to find that spending 40 hours or more a week in a home office isn't the best choice. According to the INAA, working remotely can blur the line between professional working environments and a person's personal life.
As it turns out, having a dedicated, safe space to work privately or collaborate with others can boost efficiency and increase morale. Working in an office environment with readily-available resources like printers and meeting rooms makes accomplishing tasks and making progress much more manageable. For business owners and startups, the prospect of being unproductive at home just won't cut it.
That's where The Runway's co-working space comes into play.
A new take on the modern-day office, co-working spaces give individuals, entrepreneurs, startups, and business owners access to private desks, office resources, inclusive amenities, and exclusive perks. Imagine a purpose-built space filled with hardworking professionals, all employed by different organizations with different goals and tasks. The building has many different rooms, from communal areas with shared workspaces to large, private offices with frosted glass. Here, workers from every background can network with like-minded colleagues while having a dedicated place to work and collaborate.
From exciting startups owners working seven days a week to individuals needing a quiet place to do research, co-working office spaces offer help provide:
If you're looking for an affordable office space for rent in Cane Bay, SC, a co-working space might be the perfect solution. But with more than 17,000 co-working spaces around the globe, what makes The Runway so special?
At The Runway, renters get to experience the synergy of collaborating with other companies in our state-of-the-art lounge or at our high-top desks. Enjoy the privacy of a fully furnished executive office. Or, have the convenience of a private desk and personal locker in our communal space. Whether you are relaxing in our fully stocked Pilot's Lounge or rallying your team in our conference room, your business will reach new heights of success at The Runway.
Ultra-Fast Wi-Fi
Business Center with Scanning and Printing
Secure, 24/7 Access to Your Co-Working Space
Access to Onsite Networking Events
Friendly and Productive Atmosphere
Onsite Utilities
When you rent with The Runway, you'll enjoy modern workspaces, shared and private desks, and private office options. Plus, with access to our fully-stocked Pilot's lounge and even a business address, you'll be set up for success on day one.
Whether you're looking for a co-working space for your new startup or you simply need a one room office space for rent in Cane Bay, SC, we have all the amenities you'd expect and more. Our goal is to provide our clients with a professional atmosphere where business-minded individuals and teams can work independently while still being a part of something bigger. It all starts by choosing the best office space rental options for your business needs.
At The Runway, we offer a wide variety of rental options to best suit your needs, whether you're looking for a quick day pass for a few hours of work or you need a frequent monthly commitment. Plans at The Runway include the following:
Don't need to spend much time at The Runway? With our day pass, you can enjoy access at any time of day to our state-of-the-art lobby, conference room with frosted privacy glass, and convenient business center with printing and scanning. Relax in our fully-stocked Pilot's Lounge or get straight to work at the high tops.
Sometimes you need a clean, impressive meeting room for those big clients, but you don't want to sign a monthly contract. We get it! Our meeting room rental options are fully equipped for modern meetings with plenty of seating, privacy glass, high-speed internet, natural light, flat-screen TVs, and more. This option allows you to impress your business partners or guests without breaking the bank.
Our hot-desk options are perfect for individuals who may only need to use our co-working space a few times a week. Members can choose from a part-time hot desk with three days per week access or a full-time hot desk with five days per week access. Unlike our day passes, our hot desk rental options include access to the Pilot's Lounge and Conference Room.
Renters can also enjoy access to our state-of-the-art lobby any time of day, conference room with frosted privacy glass, and convenient business center with printing and scanning. When it's time to take a break, relax in our fully-stocked Pilot's Lounge before you get back to work. If you're looking for an office space for entrepreneurs in Cane Bay, SC, this option is a great choice.
If having a private desk to yourself is non-negotiable, The Runway has plenty of options for you to consider. Our private desks are an affordable solution for anyone who wants a budget-friendly option and requires a private space. When you rent one of our private desks, you'll get more perks than our day pass options, like a business address, mail service, conference room access, and access to the fully stocked Pilot's Lounge. It's all included in your monthly rate!
Whether you're working on a top-secret digital marketing campaign or you're just an introverted professional, our private office rentals are for you. In fact, many workers use 3300 W Montague Ave as their business address. When you rent a private office on a monthly basis, you'll enjoy a fully-furnished executive office with janitorial and valet trash services, 24/7 access to both our facility and an online Co-working Hub, and invitations to exclusive networking events. If you're looking for an alternative to the premium pricing found in most office parks and corporate centers, consider this option.
If you're like many of our clients at The Runway, you're probably wondering, "Why should I choose a co-working space in Cane Bay, SC, near me instead of a traditional office space?"
The truth is co-working spaces with flexible workplace options have drastically changed the way professionals work. Over the last few years, more self-employed business owners and companies have taken advantage of the savings and convenience co-working spaces offer. In the past, the only options on the table were limited by nature, at rates that seemed ridiculous, even for major companies.
On the other hand, co-working spaces offer professionals the chance to move right away to a fully-functioning, comfortable workspace in a business-centric part of town. Unlike traditional office space rentals, The Runway provides you with everything you need to be successful and grow your business, whether you're a sole proprietor or have several employees.
With a properly equipped co-working space, you can focus on accomplishing your goals and finishing your day-to-day tasks without the headaches of moving into and maintaining an expensive office. Co-working spaces offered by The Runway provide:
On the other hand, traditional office spaces often feature:
With the growing popularity of office rooms for rent in Cane Bay, SC, many types of businesses and people are inhabiting these spaces, from popular companies to self-starters and everyone in between. Here is a quick glance at some of the most common professionals using The Runway's co-working office space.
Yes, you read that correctly. Remote work is often associated with Zoom calls and home offices, but remote employees can benefit greatly from co-working offices. Most remotely-employed workers enjoy having more freedom but want to use it responsibly. They choose co-working spaces because, unlike working from home, they benefit from socialization, structure, and the ability to brainstorm with others.
As is the case with remote workers, freelancing doesn't inherently mean you have a dedicated workspace or home office. Since having a home office isn't always a guarantee, we find that many freelancers flourish at The Runway. Even freelancers who have home offices often prefer to work in a more structured environment to reduce distractions and downtime. For hardworking freelancers, co-working spaces present an opportunity for more productivity and career progress. When you add access to client meeting rooms, printers, scanners, free Wi-Fi, and even a business mailing address, co-working offices are often no-brainers for freelancers.
Especially in the early stages of growth, entrepreneurs need a dedicated, productive space to grow their business and determine the next steps to success. Depending on the industry, entrepreneurial work can quickly clutter your personal space, both physically at home and mentally, in your head. That's often the first reason why entrepreneurs flock to co-working spaces â they're away from home, where they're more inclined to relax and be unproductive. Whether you're looking for a private office or simply a desk where you can work away from home, The Runway is the solution you need.
A co-working space for startups in Cane Bay, SC, is a great idea because it provides a central location for full-time work, office meetings, and more. Startups are often defined by a team's ability to come together, brainstorm, produce a product, and fill a need. With The Runway's co-working office for startups, you can do exactly that.
Plus, having a co-working office space for a startup team saves money. If you've ever had the chance to grow a company from the ground up, you know first-hand how important budgets are for your business. When you rent from The Runway, you won't have to worry about expenses like management fees, insurance, power, internet, reinstatement fees, and other overhead costs.
If you own or manage a small to mid-size business, you know how expensive office space is in Cane Bay. As is the case with startups, many businesses use The Runway's private meeting rooms and offices to conduct business at a fraction of the cost of a traditional office. Plus, they use the space to connect with other businesses, professionals, and freelancers who often become valuable resources. As an added bonus, co-working spaces like those at The Runway have been shown to boost morale and provide a sense of camaraderie, collaboration, and community.
Co-working and shared workspaces from The Runway are cost-effective, convenient, and full of value for hardworking people looking to get ahead. Though co-working offices have grown in popularity, with approximately 24,000 locations globally, they're still a mystery to many. If you still have questions, we invite you to contact our office today to learn more about The Runway. Until we speak, here are just a few of the most frequently asked questions we encounter.
Q. Do co-working spaces actually work? My friend uses a desk from The Runway and swears by it, but I'm not convinced.
A. The short answer to this question is a resounding "Yes!" Thousands of people use co-working offices as a reliable way to stay productive and professional. In fact, research from Harvard Business Review states that surveyed workers benefit from more motivation, higher productivity, and more valuable social interactions.
Q. What does The Runway's co-working space offer?
A. The Runway is a co-working office space and community that offers clients a modern, purpose-built place to work and succeed. Depending on their needs, members enjoy many options and perks, including:
Q. What is the point of co-working spaces?
A. Co-working spaces like The Runway give professionals a chance to work in a professional setting without the overhead costs and headaches of a traditional office. Whether solo or in a team, The Runway offers diverse groups of workers the opportunity to thrive professionally while connecting with others.
At The Runway, we're passionate about empowering risk-takers, dreamers, and businesspeople of all backgrounds with affordable office space for rent in Cane Bay, SC. Whether you're just starting a new venture or you're a veteran freelancer, The Runway is where your business can take off. Contact our office today to reserve your co-working space or to learn more about our day passes and monthly options.
A Charleston real estate investor and land developer is looking ahead to the next commercial venture in Cane Bay Plantation.Buck Investments, led by Eddie Buck, recently paid $13 million for nearly 45 acres on the northwest corner of the future Fair Winds Boulevard intersection at U.S. Highway 176.The seller was an affiliate of Charleston-based Gramling Brothers Real Estate & Development, which is developing the 6,500-acre Cane Bay project.Buck’s company also i...
A Charleston real estate investor and land developer is looking ahead to the next commercial venture in Cane Bay Plantation.
Buck Investments, led by Eddie Buck, recently paid $13 million for nearly 45 acres on the northwest corner of the future Fair Winds Boulevard intersection at U.S. Highway 176.
The seller was an affiliate of Charleston-based Gramling Brothers Real Estate & Development, which is developing the 6,500-acre Cane Bay project.
Buck’s company also is developing the nearby commercial land on both sides of North Creek Drive at nearby Nexton.
“We expect to see buildout there over the next four years, and development moving north of that for the next phase,” he said, referring to the existing tract in Nexton and the newly acquired tract in Cane Bay. “That’s certainly a growing area of the tri-county region.”
Buck also paid $2 million for 2.47 acres on the northwest corner of the intersection of Nexton Parkway Extension and Highway 176. He plans to build a Blue Water convenience store and gas station by the end of 2023.
Cane Bay had about 7,000 homes on the ground at the end of 2022, according to spokeswoman Kelly Gramling. The tract has been approved for more than 15,000 units.
Nexton recently announced 2,500 home sales at the 10-year mark. It’s expected to have 7,500 residential units at full buildout.
A regional law firm is now firmly footed in a new multistory office building on the Charleston peninsula.
Parker Poe Adams & Bernstein LLP recently moved into the sixth floor of the 12-story Morrison Yard complex on Morrison Drive near the base of the Ravenel Bridge.
Representatives of the Charlotte-based firm said the 12,000-square-foot space allowed it to align with new trends in the legal industry and position the practice for future growth.
Charleston is better-positioned in the commercial real estate sector than much larger U.S. markets to stave off economic distress that could result from higher borrowing costs and the unsettled office sector after the pandemic.
That’s the assessment of industry experts who specialize in office, industrial and retail properties.
“There are more tailwinds than headwinds (for Charleston),” said Manus Clancy, senior managing director at Trepp, a New York City-based financial information service for the commercial real estate industry.
“Charleston is strong across all property types,” he said. “You are punching above your weight when it comes to the metrics.”
Clancy noted “a dramatic difference in geography” across the nation for areas affected by the fallout of the shift toward the hybrid model of in-person and remote office work policies.
Large cities, such as San Francisco, Baltimore and Seattle, where the quality-of-life quotient is offset by long commutes, are not faring well after the global health crisis.
“This puts cities like Charleston, Greenville, Austin and Salt Lake City in the driver’s seat to attract more industries,” Clancy said.
He pointed out housing costs are higher in Charleston than most of the rest of South Carolina, but compared to many large metro areas it’s more affordable and the quality of life is attractive in the Lowcountry.
He also noted the area’s labor force is strong and increasingly better educated.
“People want to flock to places where their students can be educated,” Clancy said. “In Charleston, you have the ability to make that case.”
Clancy added the financial industry has not fully recovered from the spring scare instigated by several high-profile bank failures, and credit, especially for the office sector, is going to be harder to come by.
Still, he noted borrowing continues in the commercial real estate market, but at roughly half the pace as last year.
The office market is showing the most stress, with delinquencies of commercial mortgage-backed securities more than doubling from less than 2 percent in December to about 5.5 percent nine months later.
In the Charleston area, vacancy rates for office space average just under 12 percent, based on composite local market reports for the July-September period from the commercial real estate firms of Avison Young, Colliers and Lee & Associates.
The latter firm said it sees an uptick in office occupancy in 2024 as more employers require staffers to show up in person more often. Avison Young echoed the move next year to the hybrid arrangement.
Colliers cited the updated working environments and ease of access as the drivers of the office market, and the firm projected a flattening of vacancies by the first quarter of next year.
Lee Allen, executive managing director for commercial real estate firm JLL in Charleston, said the local office sector never got overbuilt and the risk is lower for newer, more creative offerings.
“What we have seen in the market is a flight to quality,” Allen said.
Business and other employers that are set on bringing workers back to the office two to three days a week want to elevate their experience with a top-notch working environment to keep top talent from jumping ship.
CHARLESTON, S.C. (WCSC) - Week 4 in the Lowcountry kicks off Thursday while our Game of the Week features Cane Bay at James Island. Check back here for scores, highlights and more throughout the weekend9/14Colleton County 30, North Charleston 7 - Colleton improves to 1-3 while North Charleston drops to 2-39/15Cane Bay 7, James Island 28 - The Trojans improve to 5-0 while the Cobras drop to 2-2Berkeley 0, Ft. Dorchester 52 - The Patriots improve to 2-1 while the Stags f...
CHARLESTON, S.C. (WCSC) - Week 4 in the Lowcountry kicks off Thursday while our Game of the Week features Cane Bay at James Island. Check back here for scores, highlights and more throughout the weekend
Colleton County 30, North Charleston 7 - Colleton improves to 1-3 while North Charleston drops to 2-3
Cane Bay 7, James Island 28 - The Trojans improve to 5-0 while the Cobras drop to 2-2
Berkeley 0, Ft. Dorchester 52 - The Patriots improve to 2-1 while the Stags fall to 3-2. Charles Watson had 200 yards of total offense and 2 TD’s for the Fort.
Wando 14, West Ashley 38 - The Wildcats move to 3-2 after Kevin Brown had 118 yards and 2 TD’s while the Warriors drop to 1-3
Sumter 10, Summerville 47 - The Green Wave move to 4-0 on the season as Jaden Cummings threw for 287 yards and 3 TD’s
Ashley Ridge 63, St. James 34 - The Swamp Foxes go to 3-0
Carolina Forest 38, Stratford 21 - The Knights drop to 0-4
Goose Creek 31, Blythewood 28 - The Gators get their first win to move to 1-3
Stall 0, Beckham 57 - The Bengals improve to 4-0 while the Warriors drop to 2-3
Philip Simmons 55, Aynor 30 - The Iron Horses stay undefeated at 5-0 as KJ Asbury rushed for 210 yards and 4 TD’s
Palmetto Christian 23, Academic Magnet 62 - The Raptors improve to 3-0
Bishop England 3, Woodland 20 - The Wolves go to 3-0 while the Bishops drop to 0-3
Timberland 28, Hanahan 24 - The Wolves get their first win to go to 1-4 thanks to Montez Addison’s 2 TD’s while the Hawks drop to 1-3
First Baptist 42, Hilton Head Prep 31 - The Hurricanes get their first win of the year to go to 1-3
Lake Marion 8, Cross 54 - The Trojans move to 4-1
Bethune Bowman 36, Military Magnet 12 - The Eagles fall to 1-4
Allendale Fairfax 42, Baptist Hill 0 - The Bobcats drop to 1-3
Burke 0, Whale Branch 62 - Bulldogs fall to 0-4
Lee Academy 20, St. John’s Christian 13 - The Cavaliers fall to 2-3
Hilton Head Christian 31, Northwood Academy 14 - The Chargers suffer their first loss of the season and fall to 3-1
Memorial Day 0, Colleton Prep 3 - The War Hawks improve to 3-2
Pinewood Prep 48, John Paul 28 - The Panthers improve to 2-3
Porter-Gaud 42, Ben Lippen 9 - JJ Fludd rushed for 235 yards and 5 TD’s as the Cyclones improve to 5-0
Dorchester Academy 8, Thomas Heyward 34 - The Raiders fall to 3-2 with the loss despite John Whetsell’s 121 yards rushing
Copyright 2023 WCSC. All rights reserved.
Now through Oct. 22, Nexton Parkway Extension will be closed at US-176 (State Road) so construction crews can install drainage facilities across Nexton Parkway. Access to and from Cane Bay will be maintained via Cane Bay Boulevard and Black Tom Road.Drivers are urged to follow all detour signs and message boards in the area. Detour route details are pictured.Work is part of the ongoing US-176 Phase 1 Widening Project.Lori Hammond, aka Lori McCracken, aka Lori Blakely, 54, of Summerville, Christopher Conrad, 41, of Holly ...
Now through Oct. 22, Nexton Parkway Extension will be closed at US-176 (State Road) so construction crews can install drainage facilities across Nexton Parkway. Access to and from Cane Bay will be maintained via Cane Bay Boulevard and Black Tom Road.
Drivers are urged to follow all detour signs and message boards in the area. Detour route details are pictured.
Work is part of the ongoing US-176 Phase 1 Widening Project.
Lori Hammond, aka Lori McCracken, aka Lori Blakely, 54, of Summerville, Christopher Conrad, 41, of Holly Hill, Catherine “Cassie” Needham, 38, of Manning, and Jontrell Wright, 37, of Orangeburg, were sentenced to federal prison after being convicted of conspiracy to commit wire fraud and wire fraud for submitting fraudulent Paycheck Protection Program (PPP) loan applications and misusing the funds.
Evidence presented during the sentencing hearings established Hammond submitted more than $11 million in fraudulent loan applications for PPP and COVID-19 Economic Injury Disaster (EIDL) loans for her enrichment and the enrichment of her co-conspirators. The loan applications contained inflated employee and payroll funds, were often submitted on behalf of companies that did not exist or were inactive and included fake business addresses and fraudulent tax documents. More than $5.8 million in PPP and EIDL loans were paid to Hammond and her co-conspirators.
“While millions of South Carolinians were struggling during the pandemic, these defendants defrauded the systems meant to provide relief,” said Adair F. Boroughs, U.S. Attorney for the District of South Carolina. “We will continue to pursue bad actors such as these and hold them accountable for exploiting these resources for their own gain.”
Hammond personally received $3,162,038.50 in PPP and EIDL loan funds. She spent the money on personal expenses, including purchasing a home, luxury vehicles, a golf cart and plastic surgery. She was sentenced to 80 months imprisonment, followed by a three-year term of supervised release and ordered to pay $2,722,932.50 in restitution, representing the remaining outstanding unpaid loan funds.
Conrad fraudulently received $898,300 in loans and spent the funds on unapproved personal expenses. He was sentenced to 12 months and one day incarceration, followed by a three-year term of supervised release and ordered to pay $898,300 in restitution.
Needham fraudulently received $1,244,200 and used the funds for improper personal expenses, including purchasing property, a golf cart, a pool, home improvements and plastic surgery. She was sentenced to 21 months incarceration, followed by a three-year term of supervised release and ordered to pay $1,244,200 in restitution.
Wright fraudulently received $561,700 in loan funds and spent the funds on personal expenses. He was sentenced to 15 months incarceration, followed by a three-year term of supervised release and ordered to pay $561,700 in restitution.
“These sentences reflect the severity of PPP loan fraud,” said Steve Jensen, special agent in charge of the FBI Columbia Field Office. “Such crimes challenge the integrity of relief programs designed for those who need assistance most. The FBI is committed to holding offenders accountable and safeguarding loan programs to ensure the public’s trust in our financial systems.”
Assistant U.S. Attorney Emily Limehouse prosecuted this case. The Hon. David C. Norton presided over the sentencing hearings in Charleston.
More new houses are headed to a Berkeley County mega-development that’s projected to have more residents than the city of Spartanburg.Starlight Homes, a division of Ashton Woods Homes, recently paid $5.4 million for 27 acres in the former Wildcat Tract that is now part of the expansive ...
More new houses are headed to a Berkeley County mega-development that’s projected to have more residents than the city of Spartanburg.
Starlight Homes, a division of Ashton Woods Homes, recently paid $5.4 million for 27 acres in the former Wildcat Tract that is now part of the expansive Cane Bay Plantation development off U.S. Highway 176. The seller was HIC Wildcat TH LLC of Miami, which bought the property 21 months ago for $5.07 million.
The development agreement for the entire Cane Bay parcel allows Starlight to build 169 townhomes on the property.
The Starlight property abuts a 45-acre corner parcel that Charleston developer Eddie Buck bought for $13 million last November through Buck Investments Limited Co. The undeveloped commercial tract sits at the future juncture of Fairwinds Drive at Highway 176.
Starlight’s website shows it has one subdivision in Cane Bay called Pender Woods. The company also is developing homes in Watson Hill in North Charleston off S.C. Highway 61 in Dorchester County, where it also purchased 40 lots for $3.13 million from New York-based Brookfield Holdings LLC.
About 10,000 homes are permitted for the 4,500-acre Cane Bay tract off U.S. Highway 176. The neighboring 2,000-acre Wildcat Tract was bought by Cane Bay developer Gramling Brothers Real Estate & Development in 2016 and will have 5,700 homes at build-out.
Cane Bay has more than 7,000 homes on the ground in the combined tracts, according to a spokeswoman. About half of the planned houses have been built in the developing unincorporated community that will have almost 40,000 residents at full buildout. That’s more than the current population of the city of Spartanburg, the state’s 12th largest municipality.
Charleston is better-positioned in the commercial real estate sector than much larger U.S. markets to stave off economic distress that could result from higher borrowing costs and the unsettled office sector after the pandemic.
That’s the assessment of industry experts who specialize in office, industrial and retail properties.
“There are more tailwinds than headwinds (for Charleston),” said Manus Clancy, senior managing director at Trepp, a New York City-based financial information service for the commercial real estate industry.
“Charleston is strong across all property types,” he said. “You are punching above your weight when it comes to the metrics.”
Clancy noted “a dramatic difference in geography” across the nation for areas affected by the fallout of the shift toward the hybrid model of in-person and remote office work policies.
Large cities, such as San Francisco, Baltimore and Seattle, where the quality-of-life quotient is offset by long commutes, are not faring well after the global health crisis.
“This puts cities like Charleston, Greenville, Austin and Salt Lake City in the driver’s seat to attract more industries,” Clancy said.
He pointed out housing costs are higher in Charleston than most of the rest of South Carolina, but compared to many large metro areas it’s more affordable and the quality of life is attractive in the Lowcountry.
He also noted the area’s labor force is strong and increasingly better educated.
“People want to flock to places where their students can be educated,” Clancy said. “In Charleston, you have the ability to make that case.”
Clancy added the financial industry has not fully recovered from the spring scare instigated by several high-profile bank failures, and credit, especially for the office sector, is going to be harder to come by.
Still, he noted borrowing continues in the commercial real estate market, but at roughly half the pace as last year.
The office market is showing the most stress, with delinquencies of commercial mortgage-backed securities more than doubling from less than 2 percent in December to about 5.5 percent nine months later.
In the Charleston area, vacancy rates for office space average just under 12 percent, based on composite local market reports for the July-September period from the commercial real estate firms of Avison Young, Colliers and Lee & Associates.
The latter firm said it sees an uptick in office occupancy in 2024 as more employers require staffers to show up in person more often. Avison Young echoed the move next year to the hybrid arrangement.
Colliers cited the updated working environments and ease of access as the drivers of the office market, and the firm projected a flattening of vacancies by the first quarter of next year.
Lee Allen, executive managing director for commercial real estate firm JLL in Charleston, said the local office sector never got overbuilt and the risk is lower for newer, more creative offerings.
“What we have seen in the market is a flight to quality,” Allen said.
Business and other employers that are set on bringing workers back to the office two to three days a week want to elevate their experience with a top-notch working environment to keep top talent from jumping ship.
More new houses are headed to a Berkeley County mega-development that’s projected to have more residents than the city of Spartanburg.Starlight Homes, a division of Ashton Woods Homes, recently paid $4.08 million for 50 acres in the former Wildcat Tract that is now part of the expansive Cane Bay Plantation off U.S. Highway 176.A Starlight representative did not immediately respond for the number of housing units it is planning for the site.Starligh...
More new houses are headed to a Berkeley County mega-development that’s projected to have more residents than the city of Spartanburg.
Starlight Homes, a division of Ashton Woods Homes, recently paid $4.08 million for 50 acres in the former Wildcat Tract that is now part of the expansive Cane Bay Plantation off U.S. Highway 176.
A Starlight representative did not immediately respond for the number of housing units it is planning for the site.
Starlight’s website shows it has one subdivision in Cane Bay already called Pender Woods. The company also is developing homes in Watson Hill in North Charleston off S.C. Highway 61 in Dorchester County.
About 10,000 homes are permitted for the 4,500-acre Cane Bay tract off U.S. Highway 176. The neighboring 2,000-acre Wildcat Tract was bought by Cane Bay developer Gramling Brothers Real Estate & Development in 2016 and will have 5,700 homes at build-out.
Cane Bay has about 7,000 homes on the ground in the combined tracts, according to a spokeswoman. About half of the planned houses have been built in the developing unincorporated community that will have almost 40,000 residents at full buildout. That’s more than the current population of the city of Spartanburg, the state’s 12th largest municipality.
A new apartment development is in the works for North Charleston.
A 264-unit multifamily complex is planned on about 26 acres off Dorchester Road near Franchise Street, east of the Patriot Boulevard intersection.
The property is owned by DHI Communities, an affiliate of homebuilder D.R. Horton. The Arlington, Texas-based company paid $1.74 million in August for a 34-acre parcel on Dorchester Road, just inside the county line.
The property sits in front of a 52.5-acre parcel purchased for $8.25 million in June by an affiliate of industrial property developer Robinson Weeks Partners of Atlanta.
Charleston is better-positioned in the commercial real estate sector than much larger U.S. markets to stave off economic distress that could result from higher borrowing costs and the unsettled office sector after the pandemic.
That’s the assessment of industry experts who specialize in office, industrial and retail properties.
“There are more tailwinds than headwinds (for Charleston),” said Manus Clancy, senior managing director at Trepp, a New York City-based financial information service for the commercial real estate industry.
“Charleston is strong across all property types,” he said. “You are punching above your weight when it comes to the metrics.”
Clancy noted “a dramatic difference in geography” across the nation for areas affected by the fallout of the shift toward the hybrid model of in-person and remote office work policies.
Large cities, such as San Francisco, Baltimore and Seattle, where the quality-of-life quotient is offset by long commutes, are not faring well after the global health crisis.
“This puts cities like Charleston, Greenville, Austin and Salt Lake City in the driver’s seat to attract more industries,” Clancy said.
He pointed out housing costs are higher in Charleston than most of the rest of South Carolina, but compared to many large metro areas it’s more affordable and the quality of life is attractive in the Lowcountry.
He also noted the area’s labor force is strong and increasingly better educated.
“People want to flock to places where their students can be educated,” Clancy said. “In Charleston, you have the ability to make that case.”
Clancy added the financial industry has not fully recovered from the spring scare instigated by several high-profile bank failures, and credit, especially for the office sector, is going to be harder to come by.
Still, he noted borrowing continues in the commercial real estate market, but at roughly half the pace as last year.
The office market is showing the most stress, with delinquencies of commercial mortgage-backed securities more than doubling from less than 2 percent in December to about 5.5 percent nine months later.
In the Charleston area, vacancy rates for office space average just under 12 percent, based on composite local market reports for the July-September period from the commercial real estate firms of Avison Young, Colliers and Lee & Associates.
The latter firm said it sees an uptick in office occupancy in 2024 as more employers require staffers to show up in person more often. Avison Young echoed the move next year to the hybrid arrangement.
Colliers cited the updated working environments and ease of access as the drivers of the office market, and the firm projected a flattening of vacancies by the first quarter of next year.
Lee Allen, executive managing director for commercial real estate firm JLL in Charleston, said the local office sector never got overbuilt and the risk is lower for newer, more creative offerings.
“What we have seen in the market is a flight to quality,” Allen said.
Business and other employers that are set on bringing workers back to the office two to three days a week want to elevate their experience with a top-notch working environment to keep top talent from jumping ship.