Jul
20

Columbia Office Market Showing Positive Signs

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Downsizing of money-strapped state government agencies caused the vacancy rate of downtown Columbia office space to increase slightly, but the overall metro market shows signs of bouncing back from the Great Recession, Colliers International reported.

Leasing activity expanded into the suburban markets in the second quarter of 2011 with the St. Andrews area making the greatest gains, the commercial real estate firm said.

In downtown Columbia, tenants vacated 17,238 square feet of office space during the second quarter, Colliers said.

“This negative absorption can be largely attributed to downsizing by the South Carolina state government, which is an anticipated result of the state’s continued financial pressure to cut operational expenses,” the report said.

Despite the downturn in government activity, the report noted that the private sector remains strong in the downtown area as insurance and legal sectors continue to grow.

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