Colliers International releases third quarter 2018 market snapshots for Columbia
October 2, 2018
Colliers International in South Carolina has released a snapshot of its third quarter preliminary data for the office, industrial and retail markets in Columbia.
Office market
The central business district was the hot spot to lease during the third quarter of 2018; several buildings contributed to the high absorption rate, including the First Base Building, 1600 Williams Street and The Tower at 1301 Gervais. The nature of office buildings in Columbia may also begin to evolve due to coworking, technology and healthy initiatives.
Market statistics
| Change from Q2 2018 | ||
|
16,187,496 SF | — |
|
137,511 SF | — |
|
10.86% | Lower by 86 basis points |
|
$15.97 | Lower by 2.50% |
Columbia CBD statistics
| Change from Q2 2018 | ||
|
101,695 SF | — |
|
9.55% | Lower by 200 basis points |
|
$20.49 | Higher by 0.05% |
Columbia suburban statistics
| Change from Q2 2018 | ||
|
35,816 SF | — |
|
11.58% | Lower by 34 basis points |
|
$14.75 | — |
Industrial market
The Columbia industrial market has a strong demand for industrial space of any size as the sectors of advanced manufacturing, distribution and service industries continue to see rapid growth. One large tenant leaving the market contributed a large vacancy; however, market absorption was still positive.
Market statistics
| Change from Q2 2018 | ||
|
68,214,981 SF | — |
|
7,997 SF | — |
|
8.80% | Lower by 1 basis point |
|
$3.78 | Lower by 0.26% |
Columbia flex/R&D statistics
| Change from Q2 2018 | ||
|
39,723 SF | — |
|
13.05% | Lower by 142 basis points |
|
$7.72 | Lower by 15.07% |
Columbia manufacturing statistics
| Change from Q2 2018 | ||
|
-207,012 SF | — |
|
10.47% | Higher by 91 basis points |
|
$3.17 | Higher by 7.82% |
Columbia warehouse statistics
| Change from Q2 2018 | ||
|
175,266 SF | — |
|
7.68% | Lower by 41 basis points |
|
$3.85 | Higher by 3.49% |
Retail market
Fast food is evolving to fast casual and the trend is visible in the Columbia retail market. Demand is high for Columbia retail space and the market posted a positive absorption during the third quarter of 2018. Core vacancy has dropped to 4.99%, with only 279,375 square feet of retail space available throughout the market.
Market statistics
| Change from Q2 2018 | ||
|
13,137,317 SF | — |
|
26,175 SF | — |
|
10.09% | Lower by 20 basis points |
|
$13.59 | Lower by 1.81% |
Columbia core statistics
| Change from Q2 2018 | ||
|
34,843 SF | — |
|
4.99% | Lower by 57 basis points |
|
$19.91 | Lower by 2.21% |
Columbia non-core statistics
| Change from Q2 2018 | ||
|
-8,678 SF | — |
|
14.60% | Higher by 12 basis points |
|
$11.76 | Lower by 1.51% |
Full market reports will be provided in the coming weeks with extensive, final data and more analysis. To receive these reports automatically via email, sign up on colliers.com.
About Colliers International
Colliers International | South Carolina has over 140 staff members, including 60 real estate professionals. Total brokerage volume in excess of $750 million for 2017, involving over 900 sales and leasing transactions. Colliers International is the largest manager of commercial property in South Carolina and is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM), with a portfolio at year-end 2017 of approximately 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff holds 46 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s affiliate, LCK, provides project and construction management services for new facilities and renovations across South Carolina.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn.
