« Back to News List
Greenville event explores national and local real estate markets
June 13, 2012
Approximately 30 alumni and friends gathered at the NEXT Innovation Center in Greenville, S.C. for a panel discussion about commercial and residential real estate, both nationally and in the Upstate. Speakers included Bill Harrison, professor of Real Estate at the Moore School; Michael Fletcher (IMBA/JD ’05), broker at Hughes Development Corporation; Teresa Cox, broker at Prudential C. Dan Joyner; and Trey Pennington, senior associate at CBRE | The Furman Company. The panelists explored national and local real estate markets, targeting how they survived, and are beginning to thrive, after the recession.
Trey Pennington, who was graduated in 2005 from the Darla Moore School of Business at USC-Columbia with the International Masters in Business Administration degree as well as a Juris Doctorate from the USC School of Law, said in an interview after the discussion, “The Upstate was no exception in regard to the downturn in the economy, but because of the market composition, the effects were less dramatic than in some U.S. markets. The pre-recession real estate appreciation did not spike quite as high in our market as in some national markets, therefore our region’s downturn was not as steep.”
According to Pennington, that can be attributed to the solid base of manufacturing in the Upstate area of South Carolina.
“The Upstate economy has successfully evolved away from a textile-based economy into what is now primarily comprised of automotive-related manufacturing,” Pennington said, calling the automotive manufacturing boom the Upstate experienced a blessing. “Automotive companies here have continued to pay great dividends for us and have helped lay the foundation for the Upstate to attract other types of manufacturing, such as advanced material manufacturers and distribution centers.”
Pennington thinks that South Carolina needs to continue its emphasis on providing skilled labor, which he said will result in a capable workforce ready to step in and perform the work efficiently and effectively in order to attract and keep businesses that can build and support a strong enough base to survive economic downturns.
Pennington also cited strong education in the state as one reason for the success of the Upstate.
“We are on the upswing because our Upstate workforce continues to build skill sets,” he said. “The Darla Moore Business School prepares its students to navigate an increasingly global economy. The curriculum challenges students, providing critical exposure to diverse cultural experiences, skill sets and industries.”
“The goals and opportunities available for a Moore School graduate are limitless,” Pennington concluded. “Here on the I-85 corridor, we are on the path of progress.”
Written by Clair Boatwright
« Back to News List