Colliers Multifamily Report: Absorption, construction and deliveries remain robust in the third quarter
December 7, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Greenville-Spartanburg Multifamily
Market Highlights
Large amounts of deliveries in the second and third quarters decreased occupancy to 88.92% and 88.82%, respectively. Absorption has been stable and positive for the last three quarters but has not kept up with these large deliveries and the average monthly rent per unit has flattened.
Click here to read the full report.
Key Takeaways
- Absorption and construction pipeline remained healthy
- Occupancy rates and average monthly rental rates decreased with the delivery of 985 units
Summary
The multifamily construction pipeline in Greenville-Spartanburg decreased from the second quarter. Despite the slight decrease in construction, 1,725 units are expected to deliver by the end of 2023 and the remaining units under construction are expected to deliver consistently through the end of 2024.
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 24 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.
