Colliers Report: Columbia anticipates an increase in office availabilities
October 4, 2021
Commercial Real Estate Research & Forecast Report
Q3 2021 Columbia Office
Market Highlights
The Columbia office market did not feel the negative fallout from the pandemic to the extent that larger metro areas did. However, the market is seeing the same overall general trends, just at a slower rate and on a smaller scale. Many small Columbia businesses were able to survive using the Paycheck Protection Program assistance rolled out in 2020. That assistance allowed businesses to continue to operate and pay employees. It also prolonged any major decision-making processes regarding downsizing or sublease options.
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Key Takeaways
- Office activity was relatively flat this quarter
- An increase in sublease space is anticipated by year-end
Summary
While it may get worse before it gets better, it should not be alarming news. Vacancies in quality space will allow tenants to upgrade to higher-quality space that was previously unavailable and will give owners a chance to update any dated space that is vacated. Also, large blocks of available space in the market could be attractive to out-of-market tenants who previously had trouble finding adequate space in which to locate.
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About Colliers
Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2020 brokerage volume exceeded $533 million, which included over 456 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers | South Carolina’s staff hold 49 professional designations, the most 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 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn
