Colliers Columbia Office Report: CBD retains interest with unique market dynamic
January 11, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 Columbia Office
Market Highlights
The focal point of interest in the Columbia office market remained centered on the CBD, which is experiencing a strengthening trend at the expense of weaker suburbs. This shift is exerting pressure on landlords as challenges emerge within the suburban real estate landscape. Part of the challenge emerges from the proximity of the suburbs to the CBD, where accessibility and ease of movement between the two areas sustain the attractiveness of the CBD.
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Key Takeaways
- Absorption, vacancy and overall Class A rates improved from the fourth quarter of 2022
- Inventory remained flat with 236,250 square feet still under construction
- Rates stayed competitive and attractive
Summary
The relationship between the two areas is also unique in its comparative affordability, which is not as present in other South Carolina markets. These factors in combination with the livability, access, capital improvements, lake and central location between mountains and beaches continue to make Columbia an attractive market for residents and employers.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 22.5 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
