Apr
28

Columbia Office Landlords Gaining Upper Hand

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CBD 12-24-09 (41) copysmallLandlords appear to be in the driver’s seat as prospective tenants search for increasingly precious office space in the Columbia market.

The overall vacancy rate for all three classes of office space fell during the first quarter of 2015 to 17.2%, down from 17.3% at the end of 2014 and 17.5% for a comparable period a year ago, Colliers International’s reported. Additionally, the pressure for office space has pushed up rental rates by 8% over the past two years, according to the report by Jessica Rahal, research coordinator at Colliers.

Rents averaged $16.20 per square foot at the end of the first quarter compared with $16.15 at the end of 2014 and $15.57 during the first quarter of 2014, the report said.

“High occupancy and growing competitiveness among prospective tenants is providing landlords a competitive edge, allowing them to raise rental rates to levels never before seen in the market,” Rahal said. Leasing activity during the first quarter was slow due to the lack of available space in the market, Rahal said.

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