Columbia office rents- going up again
- Columbia’s overall office market absorbed 198,328 square feet - 109,760 square feet, of which, was absorbed in the St. Andrews submarket.
- The overall office market vacancy rate dropped from 10.93% last quarter to 9.66% during the third quarter of 2019.
- Columbia building owners continue to upgrade building amenities in order to retain tenants.
- Given the tight office market, rental rates will continue to rise.
Amenities will increase tenant longevity and raise rental rates
No new office construction is underway in Columbia; therefore, it is up to building owners to take action in order to increase tenant satisfaction and building rental rates. In order for tenants to remain content within their current buildings, landlords will need to add even more new amenities and upgrade the quality of existing buildings - especially in those suites or areas which have often sat unused or in need of a face lift. Landlords will continue adding amenities such as:
- upgraded technology throughout the building;
- shared common areas with coworking space, meeting spaces and social collaboration areas;
- fitness centers;
- green areas for eating and working;
- walkable restaurant options;
- laundry delivery | concierge services;
- onsite car wash;
- security services.
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