Oct
14

Colliers Releases Columbia Office Market Report

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Landlords willing to reduce rents or fix up their office buildings are landing tenants in the Columbia market, according to a market report released Wednesday by Colliers International.

The report, which surveyed rental activity for the third quarter of 2011, found that the leasing volume “was largely among existing tenants relocating to take advantage of market conditions.”

The continued downsizing of state government largely offset any new growth, the report added, noting that in the past 18 months the market has turned in a lackluster performance in absorbing 26,086 square feet of office space.

“Landlords who had the ability to aggressively pursue tenants with lower rental rates and those landlords which made capital investments to improve their properties have experienced the greatest amount of leasing volume,” the report said.

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