Colliers Multifamily Report: Occupancy and rents increase following quarter of strong absorption
May 13, 2024
Commercial Real Estate Research & Forecast Report
Q1 2024 Greenville-Spartanburg Multifamily
Market Highlights
Net absorption increased from the fourth quarter of 2023 to 825 units, allowing occupancy to increase to 90.13% despite the delivery of 1,035 units. This absorption was the highest in the Greenville/Mauldin and West Spartanburg submarkets, accounting for 496 of the 825 units. The addition of the newer multifamily offerings also increased the average monthly rent to $1,191 per unit, however, multifamily construction is continuing to slow, decreasing from 4,208 units to 3,825 units.
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Key Takeaways
- 825 units were absorbed, increasing occupancy to 90.13%
- Rents continued to increase, despite the delivery of 1,035 new units
- Construction continued to slow, following national multifamily trends
Summary
Construction efforts are currently active across most Greenville-Spartanburg submarkets with Greer leading the market with 792 units. Greenville-Spartanburg’s multifamily market remains healthy and continues to generate optimism with consistent interest from businesses and residents.
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.
