Colliers Columbia Multifamily Report: Strong net absorption holds occupancy high despite deliveries
May 14, 2024
Commercial Real Estate Research & Forecast Report
Q1 2024 Columbia Multifamily
Market Highlights
Columbia experienced the delivery of 1,246 units in the first quarter of 2024, however, the absorption of 513 units kept the decrease in occupancy minimal from 91.97% to 91.27%. The wave of deliveries drastically reduced the construction pipeline to 1,095 units but the average monthly asking rent still increased to $1,205 per unit.
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Key Takeaways
- 513 units were absorbed as 1,246 units delivered in Q1
- Occupancy decreased to 91.27%
- Rents continued to increase as new construction slowed
Summary
Development currently remains focused in downtown Columbia, however, absorption was the highest in East Columbia and Hopkins markets. The Columbia market remains attractive for students, residents and developers, creating optimism that absorption, occupancy and average rental rates will continue to increase with the availability of new product.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 23 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
