Colliers Report: Greenville-Spartanburg Multifamily Market Q2 2025

Colliers | South Carolina Market Report

Growing baseline demand supports strong fundamentals

Market Highlights

Buyers continue to see strong value in the Greenville-Spartanburg market, potentially opening a new construction window as development normalizes after spiking in recent years. The market’s construction pipeline of 2,188 units constitutes less than a year’s supply based upon the past three years of rolling average absorption, potentially creating a supply crunch in the next several years once the market’s current vacancy stabilizes near 95%.

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Key Takeaways

• Excess vacancy may evaporate over the next two years, pushing rents and spurring construction
• Demographic trends driven by out-of-market migration continue to brighten the long-term outlook for multifamily
• Investment activity is robust as stabilized properties see values growing

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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.