Colliers South Carolina Healthcare Report: Providers looking to increase consumer access in competitive environment
August 7, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 South Carolina Healthcare
Market Highlights
The South Carolina healthcare real estate market remains strong as demand continues to grow across the state. Overall lease rates rose to $29.37 per square foot as vacancy decreased, driven by 20,229 square feet of net absorption. Major hospital systems are seeking to expand access points in both new and existing markets by continuing to occupy retail spaces and retrofitted office spaces as dedicated medical product availability remains limited.
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Key Takeaways
- Lease rates rose and vacancy decreased as supply remains heavily constrained
- Health systems are adding new access points to meet demand and strengthen market positioning
- Construction pipeline increased while providers occupy retail and retrofitted office spaces
Summary
259,922 square feet of healthcare space is currently under construction, centered on urgent care and outpatient facilities in rapidly-growing markets. Additionally, multiple new hospital builds and expansions are in planning stages to meet increasing demand as South Carolina’s population continues to grow at one of the nation’s fastest rates.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 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 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
