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2020 H1 Multifamily Columbia Report

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COVID-19 slows multifamily development

Key Takeaways

  • During the first half of 2020, the multifamily pipeline was affected by COVID-19 resulting in lower supply and demand.
  • The vacancy rate is expected to remain steady as new construction decelerates and existing units are absorbed.
  • Rental rates may drop in the coming quarters due to unemployment uncertainties.
  • The true effects of the Coronavirus pandemic will not likely be fully realized for several quarters.

Market Overview

According to the AptIndex Columbia, the Columbia downtown multifamily market supply increased by 245 units from October 2019 through April 2020; however, the market posted a negative absorption of 211 apartment tenants. There are approximately 701 units under construction in the Columbia submarket; and another 1,766 units planned to begin construction within the downtown Columbia and Lexington submarkets. From October 2019 through April 2020, 245 units were completed in the Downtown Columbia and Cayce/West Columbia submarkets. Multifamily lease rates increased by 2.1% over the same six month period and lease rates averaged $1,096 per month.  

 

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2020 H1 Multifamily Columbia Report

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Related Experts

David Lockwood

Executive Vice President and COO | South Carolina

Columbia

I have a great appreciation for business competition and enjoy helping our team members win. This has been relevant in my career in brokerage activities with our clients and now with my approach to management. I enjoy seeing the success of people within Colliers who apply a strong work ethic and perservere to win assignments. I possess a strong passion for helping our clients achieve their goals whether it is in leasing space or determining solutions to complicated real estate matters. 

I am very active in numerous real estate organizations. I am a South Carolina Real Estate Commissioner. I am currently the Vice President of SIOR Global and will assume the role of President-Elect in October 2022.

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