Colliers Report: Most Columbia office leases are 5,000 SF or less
January 9, 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.
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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.
About Colliers
Colliers | South Carolina has over 145 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 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’ staff hold 54 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 and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 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.
