Colliers Charleston Multifamily Report: Deliveries absorb as construction pipeline grows
December 6, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Charleston Multifamily
Market Highlights
Despite nationwide multifamily trends, Charleston remains attractive to developers, which has been made evident by an increasing construction pipeline. Construction efforts are supported by healthy absorption, keeping occupancy high at 91.40% as 726 units delivered.
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Key Takeaways
- Occupancy increased as rents leveled
- Supply, absorption and construction increased from Q2 2023
Summary
Deliveries increased total inventory to 75,452 units while units under construction increased to 6,724 units, of which, 2,354 units are expected to deliver by the end of 2023. Although 777 units were absorbed in the third quarter, average monthly rent decreased from $1,734.54 in the second quarter to $1,718.82.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 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 24 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 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 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, Twitter @Colliers or LinkedIn.
