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FROM SITE SELECTION MAGAZINE, MAY 2022 ISSUE
From the May Issue

NORTH AMERICAN AUTOMOTIVE

Station to Station

Even before a $5.5 billion blockbuster was announced last week by Hyundai in Savannah, the EV revolution was in full power drive across the continent, as these project snapshots reveal.

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From the September Issue

INVESTMENT PROFILE: GREATER PHILADELPHIA

Philadelphia is Leading a Biotech Revolution

“Philadelphia is the center of the country for cell and gene therapy,” Drexel University President John Fry tells Site Selection. Find out why.

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 CONWAY ANALYTICS SNAPSHOT 
Chart courtesy of Kastle Systems

“Class A buildings are driving net absorption rates in many parts of the country, such as the Sun Belt, and firms consider quality office space necessary to attract skilled employees,” says the latest NAIOP Office Space Demand Forecast, published yesterday by the NAIOP Research Foundation. “Suburban markets and life sciences hubs are recovering better than the national average as more employers embrace a return to the office and the pandemic eases. According to Kastle Systems data on office utilization, office occupancy across the 10 U.S. cities that the company tracks reached 43.4% on April 27, a new record since the pandemic began.”

The graphic above from Kastle Systems shows those 10 cities’ office occupancy trends in Kastle’s latest report from early this week. Compare and contrast the performance of those metro areas and others in Site Selection’s Top Metro rankings from March 2022, March 2021 and March 2020. The strongest upward mover in Kastle’s analysis is Austin, which this year tied for No. 4 among Site Selection’s Tier 1 Top Metros with 208 qualifying projects, dramatically up from 84 the year before and 95 the year before that.

Of the overall upward trend, Thomas J. Bisacquino, president and CEO of NAIOP, said, “We are fortunately seeing that even as the work week gets reshuffled, and fewer employees are in the office at one time, companies still seek spaces for collaboration and for all employees to be at the office at least part of the week.” — Adam Bruns

 

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 PROJECT WATCH 

Georgia

At nearly the same hour that U.S. Commerce Secretary Gina M. Raimondo hosted a trade and investment roundtable in Seoul with Korean Minister of Trade, Industry and Energy Lee Chang-Yang and U.S. and Korean executives from companies including Hyundai, high-ranking Hyundai executives last Friday were in the hot and steamy Lowcountry of Bryan County, Georgia, near Savannah, to mark a new investment watermark for Georgia: Hyundai’s first EV plant in the U.S., expected to cost $5.5 billion and create 8,100 jobs. Another $1 billion in investment is expected from suppliers. The plant will be located on a 2,293-acre megasite along I-16, 28 miles inland from Savannah, that was assembled by the Savannah Harbor-Interstate 16 Corridor Joint Development Authority, formed in 2015 by Chatham, Bryan, Bulloch and Effingham counties to attract a project exactly like this one. The effort is similar to the four-county JDA that attracted then-Baxter International a decade ago and Rivian’s own $5 billion plant this year to the Stanton Springs area east of Atlanta along I-20. Watch for more coverage of the Hyundai project in this space and in the pages of Site Selection magazine.

Source: Conway Analytics

Ecuador

Barry Callebaut this week announced it is supplementing its global network of more than 30 R&D centers by establishing a “Farm of the Future” in Ecuador. Noting the country’s historical cultivation of coffee, bananas and shrimp, the company said it’s also “the world’s third-largest cocoa producer and one of the fastest-growing cocoa origins, as well as the largest global producer of fine flavor cocoa. Combined with our long-established expertise in innovation and sustainability, Ecuador is the perfect match for Barry Callebaut to build a dedicated hub to power cocoa farming research to support cocoa farming resilience and productivity.” The 640-hectare (1,581-acre) property is located in the Cerecita Valley between Guayaquil, the country’s largest city, and the Pacific Ocean. “Operations and infrastructure development will start immediately with the planting of cocoa seedlings on the farm’s 400 hectares of non-planted land.,” the company said. “Integration of high-yielding and maximum flavor varieties in the planting design will also support cross-learning between cocoa farms of all sizes, in different locations and climates from around the world.” Farm of the Future is geared toward realizing the company’s Forever Chocolate plan to make sustainable chocolate the norm by 2025.

Source: Conway Analytics

 

 

Site of the Week
From the January Issue

Wolverine Brass Manufacturing Warehouse, Horry County, South Carolina

Look no further than the 127,535 SF Wolverine Brass Manufacturing Warehouse in Horry County, South Carolina. Located in the Myrtle Beach MSA, which according to US Today was the fastest growing MSA in the country in 2021, you should have no problem finding the workforce you need to fulfill your operations.

The building features 114,535 SF of climate-controlled space, 13,000 SF of office space, a gravel storage/lay down yard, a 200,000 gallon containment tank, five (5) 12’ x 12’ dock doors with levelers, eight (8) truck doors of various sizes, and 11.42 acres surrounding the building.

Not to mention this building is only three miles from Coastal Carolina University and Horry Georgetown Technical College, giving you excellent access to the next generation of workers and state-of-the-art training facilities.

Want to know more? Contact the North Eastern Strategic Alliance (NESA) at info@nesasc.org or at 843-661-4669.

 

TEXAS ECONOMIC DEVELOPMENT GUIDE 2022-2023

HIGHER EDUCATION

Where Higher Education Looms Large

Updates on the state’s six public university systems illustrate how Texas opens the door to opportunity for a legion of future professionals.

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 SITE SELECTION RECOMMENDS 

Graph courtesy of Volcker Alliance

Click Here to Enlarge

In April, the Volcker Alliance released “The $195 Billion Challenge: Facing State Fiscal Cliffs After COVID-19 Aid Expires” in partnership with Beverley S. Bunch. The paper finds that at least three of the 11 most populous U.S. states — California, Pennsylvania and Illinois — may face significant spending challenges after federal pandemic aid under the American Rescue Plan Act of 2021 (ARPA) expires by the end of 2026. “Fiscal cliffs, or sudden and severe economic decline, may loom if states use their budgetary relief funds for ongoing expenditures, such as long-term policy initiatives, instead of one-time costs, like infrastructure projects,” the Alliance says. Preliminary filings on relief fund allocations required by the US Treasury Department are inconsistent and lack transparency, limiting the ability of decision-makers, researchers, and the public to evaluate implications of $195 billion in federal pandemic economic recovery cash provided to states under ARPA.” This link takes you to the full paper including individual state analyses. There is also a related webinar.

 

 PHOTO OF THE DAY 

Site Selection Art Director Scott Larsen this week made this image of the Arch Rock Area in the Samuel H. Boardman State Scenic Corridor, located between Brookings and Gold Beach along Highway 101 in Oregon. The state parks site notes that “this stretch of the highway features one turnoff after another, each with access to picnic areas, viewpoints and trailheads that connect an 18-mile segment of the Oregon Coast Trail.” The park is named for the first Oregon State Parks superintendent, who served from 1929 to 1950 and worked tirelessly to assemble a coastal park. Lands were acquired from private landowners and from the U.S. Bureau of Land Management between 1949 and 1957, and included a donation by Borax Consolidated, Ltd. of 304.1 acres for the park and 62.9 acres for right-of-way on the relocated Oregon Coast Highway.

 
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