Colliers Report: Expansion expected with continued population growth
December 28, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 South Carolina Healthcare
Market Highlights
Hospital systems are experiencing a noteworthy surge in ambulatory expansion, propelled by ongoing economic development announcements and population growth. Interest in South Carolina, such as the announcement of Scout Motors, has acted as a catalyst fostering additional job creation, spurring development and driving overall growth in the area.
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Key Takeaways
- Vacancy remained at 4.0%
- Lease rates increased from Q3 2022
- Net absorption was minimal but positive
Summary
Scout Motors’ estimated creation of 4,000 jobs will likely generate additional healthcare demand for Northeast Columbia in particular while the state as a whole continues to attract more residents and businesses. Overall healthcare performance metrics remained stable as Certificate of Need changes have yet to yield substantial effects. Inventory and vacancy had no change from the third quarter, however, absorption and lease rates decreased to 536 square feet and $27.65 per square foot, respectively.
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.
