Colliers Columbia Office Report: Leasing interest ticks up as rent growth continues
January 9, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 Columbia Office
Market Highlights
The Columbia office market saw activity levels continue to increase in a third straight quarter of positive absorption, a favorable indicator in an uncertain post-Covid national office environment. Class A rents are growing, particularly in the CBD, as quality vacancies remain limited, while high tenant improvement costs are pushing lease terms longer. State government is the most active tenant in the market, headlined by a 31,870-square-foot lease in the CBD, as agencies assess alternatives to aging state-owned space in a trend expected to continue into 2025.
Click here to read the full report.
Key Takeaways
- Tenant tours and leasing activity are on the rise heading into 2025
- State government remains the most active tenant in market for large blocks of space
- Class A rents reached new highs while availability remains limited
Summary
Like the CBD, suburban markets saw net positive absorption as tenants demonstrated a preference for Class A spaces with on-site management. The St. Andrews submarket saw the strongest absorption as the area has bypassed anticipated impacts from the I-26/I-20 Carolina Crossroads highway project.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina, with 66 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 are the largest manager of commercial real estate properties in South Carolina with a portfolio of over 25 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 which currently exceed $1.1 billion in project value.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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, X @Colliers or LinkedIn.
