What are your insights into the manufacturing sector?

We’ve observed certain industries and manufacturers taking a step back, slowing their decision-making processes while assessing the pandemic’s final impact. The current outlook isn’t as clear as it used to be, especially with the confluence of factors like the virus, recent social unrest, and the presidential election. The policies of the incumbent administration and the influence of COVID-19 have initiated a wave of repatriation, particularly noticeable in the pharmaceutical manufacturing sector. This shift is beneficial for our business given our involvement with automotive suppliers and manufacturers.

How do you assess the performance of the multifamily market?

The multifamily markets we’re actively engaged in, including Charlotte, Raleigh, Greenville, and Charleston, are experiencing substantial growth. The influx of 40 to 50 new residents daily into these areas directly translates into tangible demand for our projects. Our typical multifamily ventures usually revolve around infill locations, comprising more boutique, smaller, and upscale projects. Our belief is that individuals are transitioning from larger, more expensive homes in areas like Myers Park and Eastover in Charlotte, seeking residences like SunCap’s Draper Place apartment community. Despite the challenges posed by COVID-19, our units are leased up, and we’re proceeding with our projects in these thriving markets. Looking ahead, we foresee demographers highlighting this trend of growth and migration towards the Southeast and other Sun Belt states in the long term. Major corporations are relocating their headquarters to cities in the Southeast for several compelling reasons, including the “right to work” states, a skilled and burgeoning workforce, vibrant communities, and favorable weather conditions. Charlotte stands at the epicenter of these advantageous aspects, and we remain optimistic about its prospects.