Colliers Report: Occupancy and rent growth begin to level as absorption recovers
May 30, 2023
Commercial Real Estate Research & Forecast Report
Q1 2023 Greenville-Spartanburg Multifamily
Market Highlights
The Greenville-Spartanburg multifamily market remained healthy and showed signs of stabilizing. There were 2,551 units scheduled to deliver by year-end and another 2,381 in 2024. Rental rate growth was minimal quarter-over-quarter due to the addition of supply.
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Key Takeaways
- Average asking rent per unit rose to $1,243
- Occupancy rates flattened, absorption increased and deliveries decreased in Q1 of 2023
Summary
Occupancy rates began to level, remaining healthy at 90.83%. Absorption has begun to catch up from the spike in supply in Q4 2022 with a change of 635 units from last quarter. The cadence of expected deliveries will likely lead to the temporary flattening of total occupancy and rental rates.
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.
