Colliers Greenville-Spartanburg Multifamily Report: Performance remained strong with continued deliveries
January 26, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 Greenville-Spartanburg Multifamily
Market Highlights
Consistent deliveries of new supply continued in the fourth quarter of 2023 with 920 units entering the market. Other multifamily performance metrics remained stable with the net absorption of 480 units, allowing occupancy to stay healthy at 88.61%, however, average monthly asking rents decreased from the third quarter of 2023 to $1,251.43 with continued additions of supply.
Key Takeaways
- Occupancy remained healthy as 920 units delivered and 480 units absorbed
- The construction pipeline remains healthy
- In response to large deliveries, average monthly asking rents decreased from Q3 2023
Summary
The 4,208 units in the construction pipeline are expected to continue to deliver at a sustainable pace through the fourth quarter of 2024 with efforts primarily focused in the Greer submarket. 1,615 of these units are projected to deliver in the first quarter of 2024, where the strong levels of absorption experienced over the past three years may help to hold occupancy at a stable level.
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.
