Colliers Report: Multifamily construction pipeline is nearing completion
August 23, 2022
Commercial Real Estate Research & Forecast Report
Q2 2022 Charleston Multifamily
Market Highlights
Charleston’s multifamily demand during 2019 sparked new multifamily construction. Over the past two years, there have been 7,026 units delivered with 9,042 units of absorption. The current occupancy rate is 94.15%, therefore, few units are available to rent.
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Key Takeaways
- 1,866 units will deliver in 2022
- Over the past two years, absorption has outpaced new construction deliveries
Summary
If the current trend of leasing more apartments than deliveries continues, a new wave of multifamily construction will likely be necessary to accommodate future demand. Monthly rental rates steadily increased quarter-over-quarter as quality apartments were completed.
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 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.
