Colliers International releases fourth quarter 2018 market snapshots for Columbia

Columbia, SC – Colliers International | South Carolina has released a snapshot of its fourth quarter preliminary data for the office, industrial and retail markets in Columbia.

Office market

The Columbia office market had steady leasing activity, and the market absorbed 5,355 square feet overall; while the central business district posted a net negative absorption of 10,902 square feet this quarter, the suburban office markets absorbed 16,257 square feet. The average weighted office rental rates for the remaining availabilities are relatively stabilized this quarter and, unless office space is upgraded, will remain around the same price for the next few quarters.

Market statistics

    Change from Q3 2018
  • Market inventory:
16,177,676 SF --
  • Quarterly absorption:
5,355 SF --
  • Market vacancy rate:
10.64% Lower by 3 basis points
  • Average weighted rental rate:
$17.31 Higher by 5.36%

Columbia CBD statistics

    Change from Q3 2018
  • Quarterly absorption:
-10,902 SF --
  • Market vacancy rate:
10.11% Higher by 19 basis points
  • Average weighted rental rate:
$20.72 Higher by 0.58%

Columbia suburban statistics

    Change from Q3 2018
  • Quarterly absorption:
16,257 SF --
  • Market vacancy rate:
10.93% Lower by 16 basis points
  • Average weighted rental rate:
$15.98 Higher by 5.76%

Industrial market

The demand for space within the Columbia industrial market is high, and with no new industrial buildings delivering during the fourth quarter of 2018, the market absorbed 239,031 square feet - half of which was within the Northeast submarket. The rental rates have fluctuated throughout 2018 within the industrial market, but for most sectors it continues to rise.

Market statistics

    Change from Q3 2018
  • Market inventory:
69,376,381 SF --
  • Quarterly absorption:
239,031 SF --
  • Market vacancy rate:
8.09% Lower by 34 basis points
  • Average weighted rental rate:
$3.73 Higher by 1.36%

Columbia flex/R&D statistics

    Change from Q3 2018
  • Quarterly absorption:
-32,553 SF --
  • Market vacancy rate:
14.38% Higher by 138 basis points
  • Average weighted rental rate:
$8.01 Higher by 1.01%

Columbia manufacturing statistics

    Change from Q3 2018
  • Quarterly absorption:
24,969 SF --
  • Market vacancy rate:
9.52% Lower by 11 basis points
  • Average weighted rental rate:
$3.11 Lower by 3.72%

Columbia warehouse statistics

    Change from Q3 2018
  • Quarterly absorption:
246,615 SF --
  • Market vacancy rate:
6.99% Lower by 56 basis points
  • Average weighted rental rate:
$3.79 Higher by 3.84%

Retail market

Retail activity within the non-core Columbia submarkets outperformed core retail spaces during the fourth quarter of 2018, and the market absorbed 2,879 square feet overall. The Columbia retail rental rates were considerably higher during the fourth quarter of 2018 for the remaining availabilities and two new retail buildings were delivered to the Lexington submarket this quarter, which is a hotspot for retail investments.

Market statistics

    Change from Q3 2018
  • Market inventory:
13,348,853 SF --
  • Quarterly absorption:
2,879 SF --
  • Market vacancy rate:
10.70% Higher by 61 basis points
  • Average weighted rental rate:
$14.30 Higher by 39.92%

Columbia core statistics

    Change from Q3 2018
  • Quarterly absorption:
-52,079 SF --
  • Market vacancy rate:
5.80% Higher by 81 basis points
  • Average weighted rental rate:
$20.75 Higher by 55.08%

Columbia non-core statistics

    Change from Q3 2018
  • Quarterly absorption:
54,958 SF --
  • Market vacancy rate:
14.94% Higher by 34 basis points
  • Average weighted rental rate:
$12.17 Higher by 33.74%

Full market reports will be provided in the coming weeks with extensive, final data and more analysis. To receive these reports automatically via email, sign up here.