Columbia, SC
Capitol Center is the largest multi-tenant office building in the state of South Carolina, with over 466,000 square feet of office and retail space. The office tower is at the corner of Main Street and Gervais Street in Columbia, adjacent to the South Carolina State Capitol.
Challenges
Since 2004, two new office towers totaling nearly 500,000 square feet have been constructed on Main Street. There is currently a third 180,000-square-foot office tower under construction immediately adjacent to Capitol Center. With nearly 680,000 square feet in new commercial space having been constructed or pre-leased by office tenants over the past four years, many of Columbia’s downtown office properties have suffered declines in occupancy.
Services Offered
Colliers Keenan implemented a unique marketing and branding strategy capitalizing on the location of this office tower. By using aggressive marketing techniques and creativity, occupancy in the building increased from 89% at year-end 2004 to a current occupancy of 98% during a period that other properties experienced a decline in occupancy.
Results
Colliers Keenan was able to achieve a rate of occupancy higher than competing properties while not compromising the integrity of the rental income stream, allowing the owner to position the property for sale and attract the attention of national investment groups. At a time when there were very few large investments occurring due to the national credit crisis, Capitol Center sold providing the owner a substantial profit over their initial investment.
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