SC Ports Authority | Charleston Ports

Big Ships & Commercial Real Estate: What does the COSCO arrival mean for Commercial Property in the Charleston Real Estate Market?

What does the COSCO arrival mean for Commercial Property in the Charleston Real Estate Market?

In addition to its historic charm, Charleston, SC’s 90-mile coastline, unique culture, and award-winning hospitality make it the #1 city in the United States.

According to the Charleston Regional Development Alliance (CRDA), an average of 48 new residents move to Charleston every day, and we can largely attribute this growth to the South Carolina Ports Authority’s efficient big-ship crane operations and massive Charleston harbor.

“The arrival of the COSCO Development at East Coast ports marks a new era,” said Jim Newsome, SCPA president and CEO. The biggest ship to ever visit Charleston, the COSCO Development, sailed from Asia through the Panama Canal and along the East coast before landing in Charleston. Charleston harbor’s depth and width will allow continuous commerce with large vessels such as the COSCO Development elevating the import & export of heavy cargo in and out of the United States. 

South Carolina Port operations facilitate 187,200 statewide jobs and generate nearly $53 billion in annual economic activity. In addition, the Port is responsible for 1 in 11 jobs statewide. With increased job opportunities and the need for specialized labor, it is no surprise the Charleston residential and commercial real estate markets are flourishing. At the end of 2016, there were a total of 17,720 closed real estate transactions and Charleston ranked 20th in the US for advanced industries.

With the Charleston Harbor Deepening Project right around the corner along with increased job opportunities ad the need for specialized labor, more and more newcomers as well as advanced commercial properties and businesses will race for their place in the booming Charleston market. 

We’ve seen some large ships in the Charleston Harbor, including the COSCO ship just a few weeks ago, now topped by the OOCL with over 13,000 TEUs. Check out how these ships got through the canals new third rail and how this affects the Charleston Commercial Real Estate market.

Need a commercial real estate agent?

Mike Ferrer, CCIM, MCR has over 15 years of commercial real estate listing and lease experience. With a focus on industrial warehouses, manufacturing, office buildings, vacant land, and commercial buildings, Mike is also well affiliated with the top dogs in Charleston including Boeing, Jafza, and the SC State Ports Authority.

Mike is the current president of the Charleston Trident Association of Realtors (CTAR) Commercial MLS as well as the president of the Commercial MLS for the state of South Carolina. With these two accolades alone, Mike has a plethora of commercial real estate knowledge and insurmountable ties to the local community both statewide and stretching across the entire southeast.

Have further questions about Ferrer Commercial Real Estate Advisors? We want to hear from you! Feel free to contact me with any questions you may have!

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