SC Industrial Supply Ahead of Demand as Deliveries Drive Increased Vacancy

South Carolina's overall industrial performance sagged as a large wave of deliveries met softer demand, leading to statewide net negative absorption of -776,522 square feet and lower average asking rents at $5.81 per square foot, according to a 24Q2 Real Estate Research & Forecast Report from Colliers.

Buildings larger than 250,000 square feet comprised 65.8 percent of all vacancy, highlighting oversupply conditions for large spaces across the state.

Colliers said vacancy is likely to peak in the near term as the pace of new deliveries slows into 2025 with persistently high interest rates limiting speculative construction starts and leasing interest increasing statewide following late 2023's relative lull.

Colliers also said activity is projected to increase among suppliers ahead of Scout Motors' late 2026 delivery. It said the Port of Charleston's terminal expansion at the former WestRock paper mill and in-progress rail intermodal yard are expected to provide expanded capacity in coming years.

According to Colliers, the Port of Charleston accounts for $86.7 billion in annual economic activity, $17.6 billion in labor income and $1.5 billion in tax revenue, making its Q1 Hugh Leatherman Terminal labor resolution essential for the state's industries.

The South Carolina Ports Authority continues to invest capital in infrastructure and capabilities, headlined by an upcoming expansion at the recently purchased WestRock paper mill in North Charleston creating 5,000 feet of berth space and 400 acres of cargo terminal space.

Additionally, a rail-served intermodal yard at the Navy Base Intermodal Facility and an inner-harbor barge operation are both expected to deliver in 2025, adding capacity to move cargo throughout the state.

Colliers said the Port of Charleston continues to operate efficiently, improving truck turn times to 23 minutes and averaging 6,000 daily gate transactions.

Total volume is 1,022,460 TEUs, tracking closely with the same period last year.

Colliers said Port of Charleston Inland Ports Dillon and Greer continue to fuel growth, exceeding pre-pandemic highs for both import and export monthly volumes.

Total volume across the two inland ports reached 81,309 containers, a 13.7 percent increase over the same period primarily driven by 19.2 percent growth at Inland Port Greer.

With 8,000 feet of rail line completed and 15 acres of new container space projected to finish by Q4, Inland Port Greer’s cargo capacity will roughly double to serve continued market growth, Colliers said.

Ingevity Names New General Counsel, Chief Human Resources Officer to Executive Leadership Team

North Charleston, South Carolina-based Ingevity Corporation (NYSE:NGVT) announced the appointment of Ryan C. Fisher as senior vice president, general counsel and secretary and Terry Dyer as senior vice president and chief human resources officer.

“We are excited to add Ryan and Terry to our executive leadership team,” said Ingevity President and CEO John Fortson. “Both leaders bring extensive experience, with successful track records of leading companies through business growth and expansion."

Fortson added, "I am confident that their contributions will be instrumental in driving our continued success and innovation.”

Fisher has held various leadership positions during his 18-year tenure with Ingevity and its predecessors.

Most recently, he served as vice president, deputy general counsel and chief compliance officer, as well as interim chief human resources officer.

Prior roles at Ingevity include interim general counsel and secretary, chief legal officer for Ingevity’s Performance Chemicals segment and assistant secretary.

Before joining Ingevity’s predecessor, MeadWestvaco, he was an attorney with Edwards, Angell, Palmer & Dodge, LLP, and also with Cummings & Lockwood, LLC.

In his new role, Fisher will have oversight of the law and compliance, communications, government relations and sustainability functions.

Dyer brings more than 20 years of human resources experience to Ingevity, having served as senior vice president, Human Resources and Communication at Billerud (formally Verso Corporation), a national leader in the specialty and graphic paper manufacturing industry, and vice president and chief human resources officer at Worthington Industries, a leader in the diversified metal manufacturing industry.

In those roles he spearheaded labor relations, culture transformation, talent acquisition and learning and development to advance companywide strategic business plans.

Previous positions include CEO and founder of TACE Partners, human resources leadership roles at Armstrong World Industries and Burlington Industries, and experience in operations and manufacturing in roles at Hampton Industries and Whisper Knits.

In his role, Dyer will be responsible for leading the company’s global human resources function, including organization development, integrated talent management, leadership development and culture.

Fisher’s appointment to senior vice president, general counsel and secretary was effective June 27, 2024. Dyer will assume his role as senior vice president and chief human resources officer effective Aug. 12, 2024.

Ingevity operates in three reporting segments: Performance Materials, which includes activated carbon; Advanced Polymer Technologies, which includes caprolactone polymers; and Performance Chemicals, which includes specialty chemicals and road technologies.

Its products are used in a variety of applications, including adhesives, agrochemicals, asphalt paving, certified biodegradable bioplastics, coatings, elastomers, lubricants, pavement markings, oil exploration and production and automotive components.

Ingevity operates from 31 countries around the world and employs approximately 1,700 people.

Lima One Capital Appoints Josh Woodward As President, Chief Executive Officer

Greenville, South Carolina-based Lima One Capital, a leading nationwide lender for real estate investors, named Josh Woodward as its new president and chief executive officer.

Woodward joined Lima One in 2013 as one of the company’s first six employees. He has served as chief financial officer, playing an integral role in building Lima One’s accounting, finance, capital markets, servicing, and special servicing teams, as well as in the development of its FixNFlip, New Construction, and Rental30 products.

During his tenure, the company has grown to more than 300 employees and surpassed $2 billion per year in residential real estate investment loan originations.

“I have been fortunate to work with an incredible group of people over the last 11 years and I am very grateful for this opportunity to serve our special organization,”

Woodward said.

Woodward added, “Our loans have helped provide financing for over 30,000 houses and apartments across the country. We will continue to be one of the top business-purpose lenders in the nation by focusing on our core values, outstanding service for our customers, and operational excellence.” 

Woodward has claimed industry honors as a Finance Leader in mortgage by HousingWire (2021) and as a Rising Star in real estate by HousingWire (2024), IMN’s SFR Industry Awards (2022), and Business Insider (2021).

He was also named one of Greenville Business Magazine’s Best & Brightest 35 and Under.

Prior to joining Lima One, Woodward worked in Bank of America’s Enterprise Capital Management Group.

He earned his MBA from the University of North Carolina’s Kenan-Flagler School of Business, specializing in corporate finance, and his bachelor’s degree from Clemson University.

Woodward replaces Jeff Tennyson, who retired in July as Lima One’s CEO.  Over the last six years, Tennyson led Lima One through significant growth.

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