Colliers Report: Multifamily demand remains consistent
November 29, 2021
Commercial Real Estate Research & Forecast Report
Q3 2021 Columbia Multifamily
Market Highlights
There have been no new deliveries in 2021. Annual completion volume is low compared to the past five years. Overall quarterly demand of 521 units is also lower than it was one year ago; however, the occupancy rate continues to rise quarter-over-quarter.
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Key Takeaways
- 319 units will deliver in 2022
- Lease rates were up 11% year-over-year for new leases
Summary
Leasing rates are 11% higher year-over-year for new leases. Therefore, while construction activity is slower than one year ago, demand is consistent for the multifamily market to post positive absorption and increase the overall occupancy rate this quarter.
About Colliers
Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. 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 | South Carolina’s staff hold 49 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.
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.
