Space Near Myrtle Beach, SC

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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.

Office Myrtle Beach, SC

What is a Co-Working Space in Myrtle Beach, SC?

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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:

  • More Productivity
  • Collaboration and Networking Opportunities
  • In-House Resources
  • More Productivity
  • Collaboration and Networking Opportunities
  • In-House Resources

Service Areas

If you're looking for an affordable office space for rent in Myrtle Beach, 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?

All of our membership options offer:

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 Office Rental Myrtle Beach, SC
Ultra-Fast-WiFi-icon

Ultra-Fast Wi-Fi

 Office Space For Rent Myrtle Beach, SC
Scanning and Printing

Business Center with Scanning and Printing

 Office Space Myrtle Beach, SC
Secure-icon

Secure, 24/7 Access to Your Co-Working Space

 Business Space For Rent Myrtle Beach, SC
Networking Events

Access to Onsite Networking Events

 Co-working Office Myrtle Beach, SC
Atmosphere

Friendly and Productive Atmosphere

 Cheap Office Space Myrtle Beach, SC
Utilities

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 Myrtle Beach, 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.

PlansPlans at the Runway

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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:

Day Passes

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.

 Executive Offices Myrtle Beach, SC
 Cheap Small Office Space Myrtle Beach, SC

Meeting Rooms

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.

Co-Working Hot Desks

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 Myrtle Beach, SC, this option is a great choice.

Office Myrtle Beach, SC
 Co-working Space Myrtle Beach, SC

Private Dedicated Desks

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!

Small, Medium, and Large Private Offices

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.

 Office Rental Myrtle Beach, SC
 Office Space For Rent Myrtle Beach, SC

Co-Working Spaces vs Traditional Office Spaces

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If you're like many of our clients at The Runway, you're probably wondering, "Why should I choose a co-working space in Myrtle Beach, 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:

  • Flexible spaces and private offices to grow your business
  • No Lease Agreements
  • Utilities like power and high-speed internet included
  • Access to copiers, printers, and scanners
  • Move-in ready setups when you need them the most
  • An affordable monthly investment
  • Incredible networking and brainstorming opportunities
  • Free maintenance and cleaning services
  • Free refreshments like water and coffee

On the other hand, traditional office spaces often feature:

  • Limited workspace options
  • Long-term commitments
  • Additional cost for utilities
  • Printer, scanner, and copier setup needed
  • Expensive monthly investment
  • More restrictive opportunities to network and brainstorm

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Who Uses Co-Working Spaces in Myrtle Beach, SC?

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With the growing popularity of office rooms for rent in Myrtle Beach, 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.

Remote Workers

Remote Workers

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.


Freelancers

Freelancers

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.


Entrepreneurs

Entrepreneurs

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 – 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.


Startups

Startups

A co-working space for startups in Myrtle Beach, 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.


Businesses

Businesses

If you own or manage a small to mid-size business, you know how expensive office space is in Myrtle Beach. 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.


FAQs about Co-Working Spaces

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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:

  • Secure 24/7 Access to the Facility
  • Ultra-Fast Internet
  • Access to Printers, Scanners, and Copiers
  • Private Offices
  • Private Meeting Rooms
  • Private Lockers
  • Fully-Stocked Lounge Area
  • Much More

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.

Let The Runway be Your Launching Pad to Business Success

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At The Runway, we're passionate about empowering risk-takers, dreamers, and businesspeople of all backgrounds with affordable office space for rent in Myrtle Beach, 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.

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Latest News in Myrtle Beach, SC

How the inaugural Myrtle Beach Classic will support Grand Strand charities

MYRTLE BEACH — With the inaugural Myrtle Beach Classic a little over two months away, event officials announced how the PGA Tour stop will impact local charities.Myrtle Beach Classic officials on Feb. 26 revealed that nine local charities have been selected to receive a grant from revenue generated by the event, with a total of $225,000 being allocated for 2024.Charities that will benefit include Help 4 Kids, Blue Star Mothers of Coastal Carolina, Boys and Girls Clubs of the Grand Strand, Champion Autism Network, Children...

MYRTLE BEACH — With the inaugural Myrtle Beach Classic a little over two months away, event officials announced how the PGA Tour stop will impact local charities.

Myrtle Beach Classic officials on Feb. 26 revealed that nine local charities have been selected to receive a grant from revenue generated by the event, with a total of $225,000 being allocated for 2024.

Charities that will benefit include Help 4 Kids, Blue Star Mothers of Coastal Carolina, Boys and Girls Clubs of the Grand Strand, Champion Autism Network, Children’s Recovery Center, Classy Smiles, Helping Hand of Myrtle Beach, Project Golf and SOS Care.

“(These are) amazing charities,” Myrtle Beach Area Chamber of Commerce President Karen Riordan said. “All of these benefiting charities have 501c3 status, meaning they are nonprofit, tax-exempt groups with a dedicated mission serving here in the Grand Strand.”

Tournaments under the PGA Tour umbrella donate their net proceeds each year to support local philanthropic organizations, totaling close to $4 billion to date, which is more than all other major sports leagues combined.

The Myrtle Beach Classic is a dual-field PGA Tour event that will take place May 6-12 at the Dunes Golf and Beach Club in Myrtle Beach. It is one of two PGA Tour stops in South Carolina in 2024, the other being RBC Heritage at Harbour Town Golf Links in April.

The inaugural Myrtle Beach Classic will feature 132 PGA Tour golfers, will have a roughly $4 million purse and be worth 300 FedExCup points for the champion.

One of the golfers participating is Columbia native and former Clemson golfer Jonathan Byrd.

“Me, personally, I get excited to compete in every tournament, but I get especially excited to compete in my home state,” Byrd said. “I’m a native South Carolinian, and this is going to be a great event.”

Dunes Golf and Beach Club President Blair Anderson said the course saw some changes in preparation for the event. The putting green was expanded as were all 18 championship tees. A new tee box was added to hole No. 8, making it a par 4. The practice chipping area was reconstructed, a new bunker practice area was built, and the first tee was renovated with a new wall and starter house. There were also parking lot renovations and the construction of a beach club.

‘That money will go a long way’: Myrtle Beach Classic will give $225K to local charities

MYRTLE BEACH, S.C. (WMBF) - As the Grand Strand’s first PGA Tournament inches ever closer, organizers announced nine local charities will benefit from the tournament.Darren Nelson, the Myrtle Beach Classic’s tournament director, announced on Monday that a total of $225,000 from the revenue generated from the tournament will go toward the non-profits.“The charities selected are all doing impactful and meaningful work, and we are proud to provide assistance to further promote these programs that are making such ...

MYRTLE BEACH, S.C. (WMBF) - As the Grand Strand’s first PGA Tournament inches ever closer, organizers announced nine local charities will benefit from the tournament.

Darren Nelson, the Myrtle Beach Classic’s tournament director, announced on Monday that a total of $225,000 from the revenue generated from the tournament will go toward the non-profits.

“The charities selected are all doing impactful and meaningful work, and we are proud to provide assistance to further promote these programs that are making such a huge difference on the Grand Strand,” Nelson said. “The PGA TOUR has a time-honored tradition of supporting charities and giving back to each community where events are hosted.”

Help 4 Kids, one of the benefiting charities, said they are extremely grateful for the money. The organization delivers food to 40 Horry County schools and feeds more than 3,000 kids a week.

“Oh Lord, that money will go a long way,” Barb Mains, who founded Help 4 Kids in 1989, said. “It will feed the kids for two months. Our kids won’t have to go home from school for the weekends without food.”

The other eight benefiting charities are listed below:

The Myrtle Beach Classic tees off from May 9-12 at the Dunes Golf and Beach Club as part of the PGA Tour’s FedEx Cup schedule.

At Monday’s conference, Myrtle Beach Area Chamber of Commerce President & CEO Karen Riordan recalled when the tournament was just an idea.

“And I posed what I thought was a provocative question... why can’t the golf capital of the world host a PGA tournament here in Myrtle Beach?” Riordan said. “And the answer, of course, was well, we can, we can do that.”

Fast forward to now, and Nelson said there’s already a lot of work behind the scenes, with more than 1,500 volunteers lending a hand.

He said the Myrtle Beach Classic will bring millions of dollars to the Grand Strand and hundreds of golf pros and fans.

Nelson cannot wait for the tee-off in just a little more than 70 days.

“The club’s excited, our sponsors are excited, the volunteers are certainly excited,” Nelson said. “We’ll have 132 of the best PGA tour players in the world, and there’s only 40 plus of these events in the entire world. So how cool is it to have one right here in our backyard.”

Dunes Golf and Beach Club President Blair Anderson listed several projects on the golf course that were finished in preparation for the PGA event.

“People have no idea how much planning and effort is needed to welcome the best players in the world to this club, and to only have about 12 months notice before the first tee ball is struck is a tight window, to say the least,” Anderson said. “It is simply mind blowing how the entire team gets things done here at the Dunes Golf and Beach Club every day.

There will also be several family activities, events and concerts for people to enjoy throughout the week of the Myrtle Beach Classic. Grand Strand native and TV personality Vanna White will be at some of those special events, officials said.

The Myrtle Beach Classic tournament’s purse is about $4 million and 300 FedEx Cup points are available for the tournament’s champion.

The full news conference can be viewed below:

MORE | Full Myrtle Beach Classic Coverage

Stay with WMBF News for updates.

Copyright 2024 WMBF. All rights reserved.

2024 Black Bike Week returns to Myrtle Beach area. Here’s what you should know for event

If you’re planning a trip to the Grand Strand for Black Bike week, now is the time to get serious.The annual motorcycle rally happens Memorial Day weekend and brings thousands of people to the Myrtle Beach area.It’s officially known as the Black Pearl Cultural Heritage and Bike Festival, but is more commonly known as the Atlantic Beach Bike Week or Black Bike Week.This year, Black Bike Week will run from May 24-27, although many people decide to stay longer. Several members of the Black Bike Week Facebook gro...

If you’re planning a trip to the Grand Strand for Black Bike week, now is the time to get serious.

The annual motorcycle rally happens Memorial Day weekend and brings thousands of people to the Myrtle Beach area.

It’s officially known as the Black Pearl Cultural Heritage and Bike Festival, but is more commonly known as the Atlantic Beach Bike Week or Black Bike Week.

This year, Black Bike Week will run from May 24-27, although many people decide to stay longer. Several members of the Black Bike Week Facebook group have posted they have rentals secured for the upcoming event. Now is a good time to book, before lodging fills up and prices increase.

Benjamin Quattlebaum, the Atlantic Beach town manager, said the town has not formally adopted Black Bike Week 2024 but expects the council to do so in February. He said the motorcycle rally should run as normal and the event schedule will be released later this year.

There are many hotels, condos and Airbnbs located along Ocean Boulevard from the south end of Myrtle Beach through North Myrtle Beach. The Black Bike Week website has a list of hotels they recommend. The group recommends these hotels because they are biker friendly, have parties and are usually along Ocean Boulevard.

There are also biker friendly campsites available if you prefer to stay outside. Myrtle Beach State Park and Barefoot RV Resort are over halfway booked as of publication.

There are parties, live music and other forms of entertainment. It’s a bike rally so people enjoy driving around on their motorcycles. You can check the Atlantic Beach website for planned events, but there are also impromptu parties that you can join.

Since there’s several months until the bike rally begins, there’s still tons of planning left. You can join the Black Bike Week Facebook group. It is active and has several niche group chats to join. You can also check the Black Bike Week website or the Atlantic Beach website.

Black Bike Week is one of three annual motorcycle rallies in Horry County. Harley Bike Week, also known as Bike Week, will be from May 10-19.

There also is another Bike Week fall rally held from Sept. 30 through Oct. 6.

‘We’re not rolling over’: Timeshare owners demand answers after resort in Myrtle Beach suddenly closes

MYRTLE BEACH, S.C. (WMBF) - Timeshare owners said they are still in the dark after The Beach House Golf and Racquet Club suddenly closed in July.Zac Parker said he feels like owners are being pushed out with very few answers from Beach House’s board of directors and management company, Capital Vacations.“It’s like my grandparents bought this for me in 1983 and now Capital is going to steal it from me,” Parker said. “I don’t understand why we have not had any communication.”The Be...

MYRTLE BEACH, S.C. (WMBF) - Timeshare owners said they are still in the dark after The Beach House Golf and Racquet Club suddenly closed in July.

Zac Parker said he feels like owners are being pushed out with very few answers from Beach House’s board of directors and management company, Capital Vacations.

“It’s like my grandparents bought this for me in 1983 and now Capital is going to steal it from me,” Parker said. “I don’t understand why we have not had any communication.”

The Beach House Golf and Racquet Club evacuated residents last July when engineers found structural issues in one of its buildings.

Several months later, owners received a letter saying the resort would likely not reopen in 2024, and that they had to make a tough decision by the end of January.

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Owners could either continue paying maintenance fees on the closed resort or choose between four deed options including a $250 buyout.

Parker said handing over their deeds for that amount of money is a slap in the face.

“It would be like me getting a letter in the mail saying, ‘Hey I decided I want your house, so you can either give it to me for $250 or I’m just going to foreclose on it,’” Parker explained.

Owner Sheldon Pugrant said he does not feel comfortable making such a big decision with little information.

“I actually went with my wife Janet to Capital Vacation’s office and we turned in our form with question marks,” Pugrant said.

The letter also stated the resort’s board of directors and management company are planning to hold a meeting to vote on what’s next for the Beach House Golf and Racquet Club.

However, owners from all across the country said they still have no clue when and where the meeting is taking place or if they’ll get to vote.

WMBF News called and emailed the resort’s management company Capital Vacations to try and find out when and where the meeting will take place.

They responded with this statement:

“Capital Vacations is committed to working with the Beach House Board of Directors to ensure the resort can be operated in a safe and sound manner. We cannot make further comment while the Board of Directors obtains and considers information about the resort and communicates directly with their owners to determine a course of action.”

WMBF News also emailed all five board of directors but only got a response from the board’s former president Daniel McFaden.

McFaden said he turned in his deed and stepped down at the beginning of the year which owners were not notified about.

Owner Andae Lloyd said they’re not giving up and will continue to fight for the home that’s helped create one big family over the decades.

“We’re not done with the Beach House,” Lloyd said. “I can tell you right now we’re not done and we’re not rolling over. Capital has some things to answer to.”

We will continue to follow this story and will provide any updates as we get them.

Copyright 2024 WMBF. All rights reserved.

This Myrtle Beach, SC, oceanfront high-rise sold for $13 million. What we know

One of Myrtle Beach’s oceanfront high rises was sold.The Yachtsman Resort at 1304 North Ocean Blvd. was purchased by Hybridge Capital Management, according to the firm’s Feb. 20, 2024 press release. Hybridge Capital Management is based in Los Angeles and bought The Yachtsman out of bankruptcy, according to the press release.The sale closed Feb. 2, 2024, with a final sale price of about $13 million, according to documents filed with the United States Bankruptcy Court District of South Carolina. ...

One of Myrtle Beach’s oceanfront high rises was sold.

The Yachtsman Resort at 1304 North Ocean Blvd. was purchased by Hybridge Capital Management, according to the firm’s Feb. 20, 2024 press release. Hybridge Capital Management is based in Los Angeles and bought The Yachtsman out of bankruptcy, according to the press release.

The sale closed Feb. 2, 2024, with a final sale price of about $13 million, according to documents filed with the United States Bankruptcy Court District of South Carolina. Max Mellman is the managing partner at Hybridge Capital Management, and coupled with improvements the firm intends to make to the Yachtsman, Hybridge’s investment is north of $15 million.

Mellman added the firm intends to operate the Yachtsman, do renovations, and have no plans to knock the building down.

“We just wanted to extend our presence,” Mellman said in an interview with The Sun News. “We found yachtsman to be an iconic piece of real estate well located by the Ferris wheel here, and we’re just looking to enhance it and really lean into the Myrtle Beach market.”

The resort first went on sale in 2022 due to the termination of its former timeshare agreement, The Sun News reported at the time.

The Yachtsman is not Hybridge Capital Management’s first deal on the Grand Strand.

An investment firm focused on commercial real estate, Hybridge offered co-investment for the purchase of The Sandcastle Oceanfront Resort at the Pavillion and Sandcastle Oceanfront Resort South Beach with Springboard International Advisors LLC, as reported in December 2022 by Hospitality Net.

Hospitality Net’s report does not say how much Hybridge co-invested in both Sandcastle resorts, and Mellman did not disclose how much the purchase was for; however, combined with The Yachtsman purchase, Hybridge Capital now has 410 property keys in its Myrtle Beach portfolio.

He added that the north tower is undergoing an extensive renovation soon. For Mellman, the fundamentals of the Myrtle Beach market drew Hybridge to the Grand Strand.

“There’s a lot of people moving to Myrtle just because they’re getting priced out of places like Florida and New York, and we see it as an optimal place of growth,” he added. “It’s getting nicer, nicer, and we find in the next 10 years I view the Myrtle Beach market similar to how Long Beach was in the 70s.”

Hybridge has previously posted its lending parameters on LinkedIn, which included check size offers ranging from $2-60+ million for single-family residences, multifamily and entitled lands, according to a 2023 LinkedIn post.

Indeed, Hybridge’s entry as a serious player in the high-rise space in Myrtle Beach is part of its business strategy of finding assets under duress and undervalued.

“(We’re targeting) distressed acquisitions and deals where what I like to call no-brainers, especially in this market with the amount of stress on commercial real estate mainly due to the rising interest rates and maturing debt,” Mellman added. “In the case of the Yachtsman, we loved it because it had multiple exit strategies, (and) the zoning was incredibly friendly. The timeshare regime was no longer associated with the deal and was completely wiped with the bankruptcy proceeding. So they were fully unencumbered condos ... that flexibility gave us a lot of comfort.”

While Mellman is bullish on the Myrtle Beach market long-term, he’s not looking to add more properties for the immediate future unless the deal is right. Interest rates and inflation present rocky waters right now, coupled with shakiness in the short-term rental and real estate markets; Mellman and Hybridge will stand fast for now. However, Mellman believes he won’t have to wait too long.

“We’re very defensive right now,” He added. “But if the right price comes along, I would not be averse to acquiring ... We think just the pressures as interest rates, there’s going to be a windfall of deal flow in the next 12 to 24 months.”

Indeed, interest rates are impacting other markets in the Grand Strand, like the housing market. Home sellers were more conservative in 2023 than in previous boom years across the Grand Strand, as the real estate market is potentially settling. While the pace of construction did not slow, residents selling in the market are not speculating. For Jeff Forman, a real estate agent with Keller Williams Realty, Inc., if people put their home on the market, it’s for a reason.

“(Sellers) really want to relocate to a different part of the state, or a different state in general, for family reasons, and for work reasons,” Forman said. “Those are the two major things that I’ve seen.”

This story was originally published February 21, 2024, 10:59 AM.

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