Colliers Charleston Multifamily Report: Performance and construction pipelines remain robust
January 23, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 Charleston Multifamily
Market Highlights
Charleston’s multifamily market finished 2023 with stable net absorption and projects under construction. Compared to the third quarter of 2023, net absorption decreased to 188 units, units under construction decreased to 6,616 units and average monthly asking rents decreased to $1,696.97. The 6,616 units under construction are expected to deliver through the first quarter of 2025 with 30.53% of efforts being focused in the North Charleston submarket, followed by 21.69% focused in the Summerville/Goose Creek submarket.
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Key Takeaways
- Absorption and construction increased from one year ago
- Occupancy remained stable following the delivery of 764 units
- Rental rates declined modestly due to the influx of new units
Summary
The decrease in average monthly asking rent can be attributed to the steady additions of supply experienced throughout all of 2023 while occupancy decreased slightly but remained healthy at 90.41% following the delivery of 764 units.
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 22.5 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.
