May
09

Colliers: Columbia Office Rents to Rise

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Continuing cutbacks in state government and downsizing by businesses caused the vacancy rate for the Columbia area office market to rise less than one percentage point in the past quarter, Colliers International reported.

The vacancy rate for the first quarter was 24.97% across the market compared with 24.09% at the end of 2011, Colliers said. The market saw an increase of 87,810 square feet in unoccupied space.

Colliers added that the vacancy rate increased because tenants trimmed “shadow space” from their leases, Colliers said.

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