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The tech giant Meta, the parent company of Facebook, is making waves in South Carolina with its latest development—a massive $800 million data center in Aiken County.
Set to be operational by spring 2027, this 715,000-square-foot facility will be Meta’s first data center in South Carolina and its 22nd in the United States. While this news is exciting for the tech industry, it also holds significant implications for real estate professionals in the region. Here’s why you should pay attention.
Economic Impact and Job Creation
Meta’s new data center is expected to bring 100 high-tech jobs to western South Carolina. While the number might seem modest, the presence of a tech giant like Meta in the region can catalyze further economic development. For real estate professionals, this means an increase in demand for housing, both for potential new residents moving to the area and for commercial real estate to support related businesses and services. The influx of tech professionals could also drive up property values, particularly in nearby communities.
Boost to the Property Tax Base
The data center is set to increase the property tax base in Aiken County, albeit at a reduced 4% rate, which is typically reserved for homeowners. This move, agreed upon by the county council, is likely to spur other tech companies to consider similar arrangements in the area, potentially leading to further commercial real estate development. As a real estate professional, understanding these tax incentives can be key to advising clients on investment opportunities in the region.
Infrastructure and Utility Demands
One of the more complex challenges arising from the data center’s development is its massive energy and water needs. Meta’s facility is expected to draw 200 megawatts of power, contributing to a significant portion of the state’s growing electricity demand. The ongoing discussions about energy infrastructure, including potential partnerships to build new power plants, are crucial for real estate professionals to monitor. These developments could impact everything from the availability of reliable utilities to the sustainability initiatives that future commercial and residential projects may need to incorporate.
Educational and Community Engagement
Meta’s commitment to engaging with local schools to promote science and technology education is another aspect real estate professionals should note. Areas with strong educational programs often see a boost in residential demand as families seek out communities that offer quality education. This engagement can also attract young professionals and families to the area, creating opportunities for real estate development tailored to these demographics.
A Sign of More to Come
Meta’s data center is part of a broader trend of data center developments in South Carolina, with companies like Google, DC Blox, and QTS already making significant investments in the state. As these facilities continue to proliferate, real estate professionals should be prepared for shifts in land use, zoning considerations, and the potential for increased property values in areas surrounding these tech hubs.
The Carolinas Continue to Grow
Meta’s new data center in South Carolina is more than just a tech development; it’s a signal of the region’s growing importance in the digital economy. For real estate professionals, this represents an opportunity to tap into a new wave of economic growth and to guide clients in making informed decisions about investments in the area. Staying informed about these developments will be key to capitalizing on the opportunities they present.
By understanding the broader implications of such projects, you can position yourself as a knowledgeable resource for clients looking to invest in or relocate to areas poised for growth. Keep an eye on how these developments unfold—they could shape the future of real estate in South Carolina and beyond.
Why do you think more and more businesses are choosing to open facilities in the Carolinas? Let us know in the comments below, or share with a colleague in an upcoming CE class!
References
Holdman, Jessica. "Facebook Parent Company Building $800M Data Center in Aiken County." SC Daily Gazette, 29 August 2024.
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