Colliers Report: Rental rates grew as occupancy bounced back

June 9, 2023

Commercial Real Estate Research & Forecast Report
Q1 2023 Columbia Multifamily

Market Highlights

Rental rates continued to grow as absorption and total occupancy rose and deliveries slowed. Despite the lack of deliveries, Columbia’s multifamily market remained healthy with an occupancy rate of 90.9% and a quarter-over-quarter increase of $13 in rental rates.

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Key Takeaways

  • Absorption and total occupancy improved for the first time since Q2 2021
  • Monthly asking rental rates increased to $1,195 per unit as absorption increased with no deliveries


There were 105 units absorbed during the first quarter of 2023 mostly in the Lake Murray and North Richland County submarkets. Positive absorption is expected for the next several quarters to accommodate strong demand generated by the construction of the Scout Motors manufacturing facility in Blythewood.


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, Twitter @Colliers or LinkedIn.