Jul
06

Colliers: Columbia Office Rents on the Rise

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sales up graphEven with the opening of two new office buildings, tenants seeking large blocks of good quality space in Columbia have few options, according to Colliers International’s office space report for the second quarter of 2016.

The total market’s total vacancy rate was 16.5% at the end of the second quarter, up slightly from 15.8% at the end of the first quarter, but below the vacancy rate of 17.2% for the second quarter of 2015, Colliers reported.

“The slight increase in the market vacancy rate is not an indicator of the overall health of the market, but rather the result of the delivery of two buildings in the downtown market which added additional vacant space to the market,” according to the report authored by Bryana Mistretta, research coordinator. “Market conditions continue to tighten, increasing average asking full service rental rates over recent years to $22.22 per square foot per year (PSF/YR) at the end of the second quarter, an increase of 11.9% over the last two years. These rates should be taken into account by all tenants as they consider future rentable spaces.”

Vacancy of the downtown market’s Central Business District increased to 11.3% at the end of the second quarter from 10.2% at the end of the first quarter due to the arrival of 112,000 square feet of space at the First Base Building at the Commons at BullStreet and the Innovation Center in the Innovista District of the University of South Carolina campus.

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