Oct
22

Columbia Office Market Vacancy Ticks Up Slightly

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Although there was plenty of leasing activity during the past quarter, the vacancy rate for the Columbia office market appears to be frozen.

Colliers International, a commercial real estate firm, reported that the third quarter vacancy rate increased slightly by 0.02%, marking a negative absorption of 1,341 square feet. The overall vacancy rate for the Columbia area, which consists of 161 buildings consisting of nearly 10 million square feet of office space, was 23.33%, Colliers reported.

While the downtown Central Business District ended the quarter with a 22.61% vacancy rate, the Class “A” vacancy rate registered 13.59%. The vacancy rate for Class “A” space in the suburban markets was 13.77% compared to the overall suburban vacancy rate of 24.04%.

Economic uncertainty and the upcoming presidential election seem to be keeping businesses on the sidelines, Colliers said.

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