Colliers Columbia Multifamily Report: New deliveries drive higher rents, lower occupancy
September 16, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Columbia Multifamily
Market Highlights
719 new units delivered in the second quarter, combining with 1,246 units delivered in Q1 to lower Columbia’s multifamily occupancy to a still-strong 90.76%. The Columbia market offered very little high-quality vacancy prior to this recent wave of construction, allowing new development to push overall asking rents up to $1,223.
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Key Takeaways
- 1,966 units delivered in the first half of 2024
- Rents rose to an all-time high as absorption slowed
- Occupancy decreased but remains strong
Summary
Absorption remained steady at 268 units as the region’s housing demand generally trends towards single-family development in higher performing school districts. While the pipeline has thinned substantially, new starts are expected in the Southeastern Richland County/Hopkins areas as developers acquire land near major employers.
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 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.
