Colliers Report: Multifamily supply keeps pace with absorption, occupancy flattens
May 31, 2023
Commercial Real Estate Research & Forecast Report
Q1 2023 Charleston Multifamily
Market Highlights
Rent growth continued in Charleston amidst a spike in deliveries in Q4 2022. Absorption and total occupancy remained healthy with only one submarket having negative absorption. The Summerville/Goose Creek submarket
accounted for 68% of the positive absorption.
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Key Takeaways
- Q1 2023 saw the delivery of 441 units and absorption of 300 units
- Occupancy rates flattened and rental rates grew through Q1 of 2023
Summary
Increasing in-migration will support future deliveries, however, flattening rental rates and falling occupancy may occur with the 3,139 units slated to deliver in 2023.
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 18 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.
