Colliers Report: Columbia multifamily market maintains stable occupancy despite deliveries
November 3, 2022
Commercial Real Estate Research & Forecast Report
Q3 2022 Columbia Multifamily
Market Highlights
Ongoing population growth due to southward migration has led to an increasing need for housing. Despite the delivery of 699 new units throughout the market this year, the occupancy remained healthy at 93.8% to end the third quarter of 2022.
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Key Takeaways
- Despite 699 new units delivered this year, the occupancy rate remained stable at 93.8%
- Monthly asking rental rates increased to $1,141 per unit
Summary
There were 245 units absorbed during the third quarter of 2022 mostly in the Downtown Columbia and North Richland County submarkets. Positive absorption is expected for the next several quarters to accommodate for strong housing demand.
About Colliers
Colliers | South Carolina has over 145 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
