Apr
06

Columbia Office Rents on the Rise

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sales up graphTenants looking for premium office space in Columbia don’t have a lot of affordable options, a Colliers International research and forecast report released Tuesday found.

Vacancy rates dropped in the Columbia market while rental raises kept rising, especially in the Central Business District (CBD), in the first quarter of 2016. And with the only two major construction projects in the area nearing completion and none on the immediate horizon, that may not change anytime soon.

The market saw a slight increase in occupancy as overall vacancy rates declined to 15.7%, down from 17.6% a year ago. Less than 350,000 square feet of Class A office space remains vacant in the market. In the CBD, the total office vacancy rate decreased to 10.1%, down from 11.6% a year ago.

Office space is also a hot commodity in the rapidly growing St. Andrews submarket, where the vacancy rate dropped to 20.2%, down from 28% in 2013. That improvement, the greatest two-year drop in suburban submarkets, reflects the demand for recently renovated office space to be found in the area’s plentiful office parks and could serve as a blueprint for other areas, such as Northeast Columbia and Cayce/West Columbia, looking to attract tenants.

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