- 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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