July's Newsletter

At the 50 Yard Line in 2024, What Are the Commercial Real Estate Trends?

Office

• 12 Month Sales Volume $35.4M
• Rent Growth (Year to Date) .76%
• Change in Vacancy (Year to Date) 1.1% decrease

Retail

• 12 Month Sales Volume $127M
• Rent Growth (Year to Date) 1.76%
• Change in Vacancy (Year to Date) .5% increase

Multi Family

• 12 Months Sales Volume $24.9M
• Rent Growth (Year to Date) .32%
• Change in Vacancy (Year to Date) .6% decrease

Data: Costar

Industrial

• 12 Months Sales Volume $292M
• Rent Growth (Year to Date) 1.9%
• Change in Vacancy (Year to Date) 2.2% increase

Let's Talk Ports in the US and Europe

Last month, I spent some time traveling through Europe. When you are in commercial real estate, you naturally evaluate new places through the lenses of their market and local economies.

During the trip, I saw several ports and began to research ports throughout Europe and how they compare to the US.

Some Facts

How many ports are in Europe?

Over 1200

What are the 10 largest ports in Europe?

Port of Rotterdam, The Netherlands

Port of Antwerp, Belgium

Port of Hamburg, Germany

Port of Valencia, Spain

Port of Piraeus, Greece

Port of Algeciras, Spain

Port of Bremerhaven, Germany

Port of Barcelona, Spain

Port of Gioia Tauro, Italy

Port of Le Havre (Haropa), France

How many ports in the US?

Over 300

What are the ten largest ports in the US?

Port of Los Angeles, California

Port of Long Beach, California

Port of New York and New Jersey

Pot of Savannah, Georgia

Port of Seattle and Tacoma, Washington

Port of Houston, Texas

Port of Charleston, South Carolina

Port of Oakland, California

Port of Virginia

Port of Miami, Florida

Volume Comparison

In 2023, the volume from the US's largest port, Los Angeles, was over 8.6M TEUs while the volume from Europe's largest port, Rotterdam, was over 13.4M TEUs.

In 2023, US port volume for its largest 12 ports was 46.67 TEUs while Europe's largest 10 ports handled a total of 62.8M TEUs.

Overall, Europe has more imports than the US and handles a larger volume of TEUs annually.

How do ports impact the Upstate specifically?

I recently attended a luncheon by our local chamber that discussed SC ports and their impact on the Upstate.

Here are some of the key take aways

Economic impact of SC Ports is $86.7B

1/7 jobs in the Upstate contributed directly or indirectly to the SC ports

1/9 jobs are related directly or indirectly to SC ports

The economic impact of SC ports is 86.7B per year

Ports are a serious demand driver in any market and play a very large role in South Carolina's and the Upstate's economy.

If you'd like to discuss content in this newsletter or any commercial real estate needs, let's connect!

Emma McDaniel

emma@mcdanielandco.com

864-576-4660 Office

Sources:

Powerhouse International QLD

UPPLY

Pangea

Supply Chain Dive

Port Monitor

June's Poll: What asset class do you think has the highest year over year rent growth in Spartanburg?

Answer: Industrial at 5.47% year over year rent growth

Data Source: Costar

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About McDaniel and Company

Our Mission

To conduct real estate transactions using excellent service, professional knowledge, and sound ethics to enrich the lives of our clients and to contribute to the economic growth and development of the Carolinas. 

Our Vision

To be the best commercial real estate brokerage in our market area.

Our Core Values

• Serving Clients’ Best Interest
• Integrity
• Professionalism
• Respecting Public’s Best Interest
• Commitment to Economic Growth

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446 Oak Grove Road, Spartanburg, SC

McDaniel and Company is one of the Upstate region’s leading commercial, industrial, multi-family, and investment property firms. We deliver on all levels. Our reputation and years of experience are factors you can count on.