Colliers Report: Construction efforts and redevelopments create opportunity
December 28, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 South Carolina Hospitality
Market Highlights
As the hospitality industry steadily recovers post-COVID-19, shifts in room supply, propelled by construction and redevelopment initiatives, are generating additional opportunities across South Carolina. The trend of repurposing obsolete hotels into multifamily units has continued to grow with increased support, allowing for an environment in which the hospitality industry can be more innovative and fresh supply can be introduced.
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Key Takeaways
- Performance metrics returned to seasonally normal levels
- Units under construction increased from Q2 2023
- Trend of dated hotel conversion to multifamily beginning to impact the market
Summary
Room supply is positioned to increase as rooms under construction grew to 2,272 rooms in the third quarter of 2023 with 659 rooms expected to deliver by the end of 2023. Opportunity and growth for hospitality in South Carolina are expected to continue as performance metrics remained strong at seasonally normal levels for the quarter.
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.
