Colliers Report: Columbia multifamily posts positive absorption despite additional inventoryAugust 23, 2022
Commercial Real Estate Research & Forecast Report
Q2 2022 Columbia Multifamily
New multifamily units continue to be delivered to the market. The Babcock located at 2110 Pickens Street added 208 units to the market during the second quarter of 2022, and despite the increased inventory, the market absorbed 99 units.
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- 327 units will deliver in 2022
- Monthly asking rental rates increased 8.82% year-over-year for new leases
There are currently 327 units under construction and slated to deliver by year-end 2022. Occupancy rates will likely remain constant as new apartments are delivered and tenants absorb new units. Overall average rental rates continue to climb quarter-over-quarter as quality apartments are delivered.
Colliers | South Carolina has over 140 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.