The multifamily and land market update given at the 2013 Charleston-area commercial market forecast, on October 24, 2013 at the Daniel Island Club. The presentation was given by Daniel J. Doyle, Vice President of Development with The Beach Company.

1. Multifamily / Land
Analysis and Outlook 2013

2. Charleston MSA Historical and Projected Population
Population
800,000
700,000
600,000
500,000
400,000
549,033
200,000
142,651
360,600
350,209
309,969
100,000
700,400
664,607
300,000
177,843
96,413
136,555
187,800
152,000
2000
Berkeley
2010
Charleston
Dorchester
2015
Tri-County
* Projections were provided by the Bureau of Labor Statistics. The 2012 Charleston MSA population is 697,439.

3. Charleston MSA Vs. National Historical and Projected
Unemployment Percentage
Unemployment %
12.00%
10.00%
9.60%
8.90%
8.10%
8.00%
7.20%
6.60%
Local Unemployment
6.00%
National Unemployment
9.29%
8.45%
4.00%
7.40%
6.13%
5.93%
2013
2014
2.00%
0.00%
2010
2011
2012

4. Real Data: Charleston Area Submarket Multifamily Performance Recap
Vacancy Rate (%)
Average Rent ($)
$1,400
10.0%
9.1%
9.0%
$1,200
8.0%
$1,000
7.0%
6.9%
6.0%
6.0%
$800
5.2%
4.6%
$600
$1,245
4.2%
4.0%
$1,079
$400
$870
$853
Rental Rate
5.0%
2.8%
$847
$903
$879
3.0%
2.7%
$742
2.0%
$200
1.0%
$0
0.0%
Central
Goose Creek James Island
Mt. Pleasant
North
Charleston
Summerville
West Ashley
Tri County
Area
Vacancy Rate

5. Charleston Multifamily Construction Pipeline Breakdown
Pipeline Unit Count
10,000
9,098
9,000
8,000
7,000
6,000
5,000
4,000
3,113
3,000
1,717
2,000
1,000
1,391
656
578
784
528
331
Downtown Mt. Pleasant / James Island Johns Island West Ashley
Daniel Island
North
Charleston
Hanahan
Summerville
Total

6. Riviera at Seaside– Mt. Pleasant, SC
Flats at Mixson– North Charleston, SC
The Parks at Nexton– Summerville, SC

7. Multifamily / Land
On the Horizon
• Land
• Opportunities Still Available
• Current & Future Risks
-
Supply
Rising Construction Costs