Colliers Columbia Multifamily Report: Workforce housing demand sparks new wave of construction
December 18, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Columbia Multifamily
Market Highlights
As rents and housing prices continue an upward trend, demand for workforce housing is becoming the driving force in the Columbia multifamily market as single-family home permit issuances remain below recent highs despite steady demand. These pressures are sparking a new wave of projects centered in the peripheral East Columbia and North Richland County submarkets, each of which has seen substantial industrial job growth in recent years.
Click here to read the full report.
Key Takeaways
- Price growth in the single-family market has increased overall multifamily demand
- Job growth in downtown and North Columbia markets support steady absorption, growing rents
- Additional market-rate construction awaiting smoother financing environment
Summary
Overall market performance remained strong, though submarkets with access to I-77 saw the strongest absorption. Additional construction is likely in the greater downtown area targeting higher-income segments as recent market-rate construction in this area has largely reached stabilization within six months. Transaction volume remained low as a national supply glut and high rates create ongoing acquisition challenges.
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 25 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.
