Development Growth Continues Despite Pandemic

July 19, 2021

article contributed by Magnus Development Partners

The effects of the pandemic have caused an interesting dichotomy in the market. On one hand, you have supply chain issues causing disruptions for many industries including construction. This has hindered building material deliveries which result in schedule delays and increased construction costs; and on the other hand, you have tremendous pent up demand from consumers which have more discretionary cash, household income, and increased confidence, than ever before. To keep up with demand, businesses are rushing to fill orders and are absorbing Industrial buildings at a record pace. Today’s industrial vacancy rate in the Midlands region is nearing historic lows, making it more difficult for growing businesses to find well-located, flexible industrial buildings.

Despite the uncertainty surrounding the stabilization of construction and development costs, Magnus is committed to delivering these facilities as well as cultivating an environment that entices companies to invest here. In fact, we are set to break ground on our seventh speculative industrial building located within Lexington County Industrial Park (LCIP). The 321 Logistics building will be a state-of-the-art facility, consisting of 181,440 square feet designed to meet the robust industrial demand felt throughout the region. The project is named accordingly for its strategic location along Highway 321 and will bring the park to over 2 million square feet of class “A” product developed by the principles of Magnus.

We have created development processes that have helped mitigate the project schedule and cost issues so businesses can grow and invest into this rebounding, consumer-led economy. However, one of the most prevalent issues impeding businesses today is the shortage of labor. Workforce has been the number one criteria for businesses when considering where to grow and expand their footprint in 2021. Fortunately, the labor pool in the Midlands is strong. We have proactive economic development agencies such as the Central SC Alliance and local county Economic Development Offices with whom we’ve worked closely. These agencies do a great job of analyzing local labor trends and aligning businesses with the SC Technical College System and ReadySC program, which aims to customize workforce development programs for specific industries. Utilizing these resources is key to fulfill new labor demands and create a sustaining active workforce well into the future

The 321 Logistics building is slated for delivery in early 2022 and is a testament to our primary goal of providing the best industrial buildings to the Central SC Region. As we present companies with the optimum industrial real estate solutions, significant investments in the local area are made in return, yielding job creation and economic growth. We believe in our region and will continue to invest in developing new industrial buildings so companies can grow and expand, making the Central SC region a great place to live and work.

About Magnus Section:

Magnus is a privately held, South Carolina based real estate developer focused on delivering single tenant build-to-suits, spec industrial buildings, acquisitions and advisory services throughout the Southeastern United States and beyond. With over 50 years of experience in commercial real estate, the partners have developed properties from some of the nation’s most recognizable companies including: Home Depot, Iron Mountain, Starbucks, Domino’s Pizza, Tractor Supply, Scholastic Book Fairs, Husqvarna, and many others. Magnus provides streamlined decision making, deep comprehension of real estate and financial markets, and the efficient delivery of development and construction solutions for each project.