Jul
29

NAI Avant Releases Columbia Office Report

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CBD 12-24-09 (41) copysmallThe second quarter of 2015 continued the streak of positive absorption at eight consecutive quarters, with rental rates reaching unprecedented levels in the Columbia, S.C. office market. Overall, net absorption has also continued, quarter over quarter, for the last four quarters.

The Q1 2015 average direct (exclusive of sublet space) rental rate for the overall Columbia, S.C. off market was $16.08 per rentable square feet (RSF), an increase of $0.29 per over Q1, 2015. The Q2 2015 average direct vacancy market-wide was 10.5%.

Landlords, especially in the Class-A Market, are finally in a position to reverse the blood-letting trend of compressed rental rates, unprecedented leasing concessions, and elevated Tenant Improvement Allowances they experienced during the Great Recession. To this end, most owners of quality product are now in a position to reduce leasing incentives previously available during the deep economic downturn as well as realize rental rates that in some cases, are now nudging all-time highs.

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