Colliers Greenville-Spartanburg Multifamily Report: Robust absorption reflects new demand environment
December 18, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Greenville-Spartanburg Multifamily
Market Highlights
Strong absorption outpaced deliveries in Q3 as the Greenville-Spartanburg multifamily market remains on the downward slope of a four-year building boom, boosting overall market occupancy above 89% for the first time since 2022. Echoing national trends, new construction starts have dropped sharply as financing remains challenging and a majority of in-progress projects are expected to deliver in Q4.
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Key Takeaways
- Asking rents stabilizing north of $1,300 per month as recent building boom slows
- In-progress construction most active in Spartanburg County
- Occupancy likely to fall in the short term before recovering
Summary
Spartanburg County is home to the most activity as robust employment growth supports demand for new housing development at rents affordable with the area’s median household income of $67,000. Sales volume grew over an aberrantly quiet first half of 2024 to $143.9M in Q3 transactions focusing on older high-occupancy properties rather than the newly-stabilized properties characterizing sales in 2022 and 2023. Asking rents remained effectively stable year-over-year at $1,316.
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 25 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 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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.
