Colliers Report: New apartments will alleviate constraint in the Greenville-Spartanburg multifamily market
August 23, 2022
Commercial Real Estate Research & Forecast Report
Q2 2022 Greenville-Spartanburg Multifamily
Market Highlights
Multifamily properties are currently one of the best-performing sectors of commercial real estate. In the Greenville-Spartanburg market there are consistently more apartments absorbed than quarterly deliveries. There are 5,051 units under construction, 2,984 units of which are planned to deliver before the end of this year.
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Key Takeaways
- 2,984 units will deliver during the second half of 2022
- New apartments will give tenants options in the tight Greenville-Spartanburg multifamily market
Forecast
The occupancy rate was 92.32% to end the second quarter of 2022, so new construction is still necessary because there are few available apartments. The average monthly rental rate climbs each quarter as new deliveries are added to the inventory.
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.
