Colliers Report: Multifamily demand will push occupancy rates higher
March 10, 2022
Commercial Real Estate Research & Forecast Report
Q4 2021 Columbia Multifamily
Market Highlights
The Columbia multifamily occupancy rate was 94.3% at year-end despite 258 units of negative absorption which is likely a combination of belated effects from the pandemic and renters becoming homeowners.
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Key Takeaways
- 598 units will deliver in 2022
- Monthly asking rental rates increased 8.42% year-over-year for new leases
Summary
The Columbia single-family housing market is in high demand but has limited inventory; therefore, that high demand will trickle over to the multifamily sector forcing the occupancy rate further upward even as new product is delivered.
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.
