Colliers Columbia Multifamily Report: Occupancy increased ahead of expected wave of deliveries
February 13, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 Columbia Multifamily
Market Highlights
Columbia’s multifamily market performance improved from the fourth quarter of 2022, with increases in occupancy, net absorption and projects under construction. Absorption continued to recover and remained positive in each quarter of 2023, allowing occupancy to increase to 91.89% and the construction pipeline to strengthen at 2,236 units.
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Key Takeaways
- Occupancy increased and the construction pipeline continued to grow
- Average monthly asking rents decreased slightly from Q3 2023 but remained healthy
Summary
The fourth quarter did not experience any deliveries of new supply ahead of the expected delivery of 1,755 of the total 2,236 units under construction in the first quarter of 2024. Average asking rents decreased compared to the third quarter of 2023 to $1,241.57, however, growth and performance increases are projected to continue as Columbia attracts additional residents from strong statewide population growth.
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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn
