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2020 Q4 Office Columbia Report

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Key Takeaways

  • Tenants of 2.8 million square feet surveyed throughout Columbia indicate only 48% are physically occupying their offices at year end 2020. 
  • Downtown Columbia offices absorbed 9,833 square feet overall this quarter, Class B offices within the central business district were most active. 
  • The most significant factor limiting absorption in Columbia is the increase in available sublease space. 
  • Landlords are forecasted to become more aggressive in trying to obtain new tenants and in renewing existing tenants.
  • The Columbia office market will face challenges as companies restructure their operations to include downsizing and remote work environment.

Owners strive for stability in the Columbia office market

Columbia offices fared well through the economic uncertainties of 2020 brought on by the 2020 global pandemic. Tenants remained cautious and simply “stood still” while awaiting a vaccine to slow the spread of Coronavirus. Office occupancy was healthy during the year; however, there are likely challenging times in the year ahead as the market reacts to effects of the pandemic.  

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2020 Q4 Office Columbia Report

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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.

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