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26

Tough Economy Slows Lowcountry Commercial Development

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October 23, 2008

By Jim Faber – The Island Packet

As the economy has worsened, commercial construction in southern Beaufort County has slowed, and many commercial developers are having a harder time finding tenants for office and retail space, according to local developers and brokers.

Though the market has declined, some commercial projects still are under way and recently have opened, taking their chances in a tough economy. Developers said they also are confident the business climate eventually will improve, in part because commercial growth hasn’t caught up with the rapid residential growth that took place over the last several years.

One group that has been affected by the slowdown is Bluffton-based Dumler Properties, which had difficulty over the summer finding tenants, said Shawn Snow of South Carolina Realty Advisors, a firm that brokers commercial real estate sales for Dumler.

Dumler has about 250 tenants at a dozen developments totaling about 500,000 square feet of space in southern Beaufort County.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.islandpacket.com/news/local/story/646486.html

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