Commercial Real Estate Research & Forecast Report
Q4 2023 South Carolina Healthcare
Local hospital systems continued to expand in efforts to saturate the market before the Certificate of Need repeal attracts new entrants to South Carolina. Other practice types like hospice and mental health providers are also experiencing success and expanding by using existing office buildings to avoid high upfit costs that most traditional primary care practices require.
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- 40,033 square feet were absorbed, decreasing vacancy to 3.6%
- Lease rates increased to $27.80 per square foot
- Total inventory remained flat with no deliveries
Despite an increase in overall lease rates to $27.80 per square foot, these expansions yielded 40,033 square feet of net absorption, decreasing vacancy to 3.6%. Total inventory and construction remained flat from the third quarter of 2023, however, the 120,756 square feet under construction are expected to deliver in the first quarter of 2024 across Lexington, Lancaster and York counties.
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 22.5 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.