Colliers Report: Greenville-Spartanburg’s multifamily deliveries keep pace with demand
May 16, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 Greenville-Spartanburg Multifamily
Market Highlights
Over the past year, quarterly deliveries have kept pace with demand. Overall there were 3,752 units delivered since the first quarter of 2021 and there were 4,223 units absorbed. Therefore, the occupancy has remained stable at around 93% for the past year.
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Key Takeaways
- 3,375 units will deliver in 2022
- Monthly asking rental rates increased 9.8% year-over-year for new leases
Forecast
There are currently 3,770 units under construction, most of which will deliver this year and the market will likely absorb those units shortly after delivery. Monthly asking rental rates increased 9.8% year-over-year. As new apartments are delivered, the overall rental rates will continue increasing due to rising construction costs.
About Colliers
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 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 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.
