Skip to main content Skip to footer

2019 Q4 Office Columbia Report

Download Report

What will take the Columbia office market to the next level?

Key Takeaways

  • The overall Columbia office market absorbed 56,270 square feet  from the fourth quarter of 2018 to the fourth quarter of 2019.
  • There are less office-using jobs in Columbia than there were at year-end 2018; therefore, the demand for office space is decreasing.
  • Columbia’s annual office vacancy rate decreased from 10.73% during the fourth quarter of last year to 9.94% this quarter.

2019 Office Recap

The annual office vacancy rate decreased from 10.73% during the fourth quarter of last year to 9.94% this quarter. Overall, Columbia absorbed 56,270 square feet; the central business district posted a negative 53,488 square feet due to CBD office properties being repurposed or demolished last year. The Northeast Columbia submarket posted the highest annual absorption of 129,134 square feet this year. Throughout 2019, there have not been many options for new leases within the central business district due to the lack of available spaces. The overall average weighted rental rates have increased from $17.36 per square foot during the fourth quarter of 2018 to $18.25 per square foot this quarter. Likewise, Class A overall weighted rental rates have increased 5.01% from this time in 2018 and were $21.77 per square foot, and Class B rental rates increased 2.67% over fourth quarter of last year and were $17.90 per square foot during the fourth quarter of 2019.

So, what will it take for the Columbia office market to move to the next level of generating new construction? There are several factors which are needed to have a positive impact on creating new office construction. 

Download pdf

Download the full report

For more information, including the market summary statistics, download the full research report.

Download report

2019 Q4 Office Columbia Report

Download Report
Related Experts

David Lockwood

Executive Vice President and COO | South Carolina

Columbia

I have a great appreciation for business competition and enjoy helping our team members win. This has been relevant in my career in brokerage activities with our clients and now with my approach to management. I enjoy seeing the success of people within Colliers who apply a strong work ethic and perservere to win assignments. I possess a strong passion for helping our clients achieve their goals whether it is in leasing space or determining solutions to complicated real estate matters. 

I am very active in numerous real estate organizations. I am a South Carolina Real Estate Commissioner. I am currently the Vice President of SIOR Global and will assume the role of President-Elect in October 2022.

View expert