Colliers Report: Most Columbia office leases are 5,000 SF or less
January 10, 2023
Commercial Real Estate Research & Forecast Report
Q4 2022 Columbia Office
Market Highlights
Large office tenants in the Columbia market are few and far between. The overall Class A vacancy rate in the Central Business District is 9.73% leaving little opportunity for 10,000+ square feet to locate to the Columbia downtown market in a high-quality space. Over the past six years, 87% of the total 1,689 office transactions were 5,000 square feet or less.
Click here to read the full report.
Key Takeaways
- Most office leases in Columbia are less than 5,000 square feet
- Following a period of indecision, the Columbia market is starting to see effects of tenants resizing post-pandemic
Summary
Office transactions of less than 2,000 square feet comprised 58% of the total leases (986 transactions), and office deals within the range of 2,001-5,000 square feet made up the remaining 29% (487 transactions). Therefore, going forward small tenants will slowly absorb the small suites remaining in Class A space
