Colliers Report: Positive absorption returned to Columbia
July 19, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Columbia Office
Market Highlights
Vacancy dropped to 15.3% this quarter due to tenant demand for better-quality spaces. Better quality typically means a building with modern design and finishes, a full package of amenities and an appealing, walkable area with restaurants and retail nearby.
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Key Takeaways
- Vacancy dropped significantly this quarter
- Absorption was positive for the first time since 2019
- Tenants seek quality space in the market
- Rental rates increasing
Summary
In Columbia, buildings along Main Street, the Vista and the BullStreet District have largely met those criteria. Conversely, buildings that lack these qualities will languish, unlocking opportunities for redevelopment and reducing the overall amount of office space
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 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 18 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 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 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, Twitter @Colliers or LinkedIn.
