Colliers Report: Rental rates increase as absorption kept pace with supply
August 22, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Charleston Multifamily
Market Highlights
Despite an increase in deliveries, rent growth and total occupancy remained strong in Charleston for Q2 2023. While not as strong as a year ago, occupancy increased from Q1 2023 to 91.50% with 884 units absorbed. Total inventory increased to 74,592 with the delivery of 714 units for the quarter.
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Key Takeaways
- Occupancy increased and rental rates grew from Q1 2023
- 714 units were delivered and 884 units were absorbed
Summary
With 3,380 units expected to deliver in the third and fourth quarters of 2023, the multifamily market in Charleston remained healthy and should support the future delivery of 6,555 units.
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 19 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.
