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2022 Q1 Columbia Office Report

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Rising transaction costs impact office activity

Key Takeaways

  • Tenants should begin looking for space further in advance of their current lease expiration dates
  • Rising construction costs and added sublease space complicates office deals
  • Tenants will be paying higher rental expense and capital costs

The Columbia office market is experiencing less activity due to rapidly rising construction costs, sublease space hitting the market and macroeconomic disruption. First, construction prices are on the rise at such a rapid pace that quotes for build-outs are often invalid by the time a new lease nears execution, causing the economic terms to change prior to construction.  Second, 5% of the overall vacant space is comprised of sublease space which complicates direct lease deals within the market. Finally, due to worldwide economic uncertainty, tenants are cautious about leasing or relocation decisions while trying to project space needs with the increased role of flexible work schedules. 

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2022 Q1 Columbia Office Report

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