Colliers Report: Rental rates increased, occupancy decreased with new deliveries
August 28, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Greenville-Spartanburg Multifamily
Market Highlights
Rental rates increased to $1,266.96 and net absorption increased to 832 units as 1,742 units were delivered. 5,359 units are currently under construction with 2,273 units expected to deliver by the end of 2023. Occupancy rates
decreased but remained healthy at 89.23%.
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Key Takeaways
- Occupancy rates declined as 1,742 units were delivered and 832 units were absorbed
- Rental rates increased over Q2 2022 and Q1 2023
Summary
Flattening of occupancy and rental rates is expected due to future deliveries. The Greenville-Spartanburg multifamily market remained healthy and displayed the ability to keep pace with the growth in the area.
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.
