Colliers Report: Consistent demand keeps Columbia office market stable
July 16, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Columbia Office
Market Highlights
The Columbia office market continues to outperform national office market trends, with steady demand for both downtown and suburban spaces boosting absorption and vacancy remaining low. The market has largely stabilized relative to the national office environment as larger tenants have mostly returned to the office and maintained or renewed their leases. State government remains a strong driver with 216,000 square feet of new construction preleased to state agencies expected to deliver early in the third quarter, and additional state government absorption is anticipated within the Class A market.
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Key Takeaways
- Vacancy remains largely stable and lower than the national average as employees return to the office
- Demand from state government fueling new construction
- Owner/user market continues to be highly active, though inventory is minimal
Summary
Overall interest throughout the market remains steady with rates increasing across all classes, and a continued flight to quality is expected as tenants upgrade to higher-quality buildings and spaces.
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 is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
