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

Office market

The central business district was the hot spot to lease during the third quarter of 2018; several buildings contributed to the high absorption rate, including the First Base Building, 1600 Williams Street and The Tower at 1301 Gervais. The nature of office buildings in Columbia may also begin to evolve due to coworking, technology and healthy initiatives.

Market statistics

    Change from Q2 2018
  • Market inventory:
16,187,496 SF --
  • Quarterly absorption:
137,511 SF --
  • Market vacancy rate:
10.86% Lower by 86 basis points
  • Average weighted rental rate:
$15.97 Lower by 2.50%

Columbia CBD statistics

    Change from Q2 2018
  • Quarterly absorption:
101,695 SF --
  • Market vacancy rate:
9.55% Lower by 200 basis points
  • Average weighted rental rate:
$20.49 Higher by 0.05%

Columbia suburban statistics

    Change from Q2 2018
  • Quarterly absorption:
35,816 SF --
  • Market vacancy rate:
11.58% Lower by 34 basis points
  • Average weighted rental rate:
$14.75 --

Industrial market

The Columbia industrial market has a strong demand for industrial space of any size as the sectors of advanced manufacturing, distribution and service industries continue to see rapid growth. One large tenant leaving the market contributed a large vacancy; however, market absorption was still positive.

Market statistics

    Change from Q2 2018
  • Market inventory:
68,214,981 SF --
  • Quarterly absorption:
7,997 SF --
  • Market vacancy rate:
8.80% Lower by 1 basis point
  • Average weighted rental rate:
$3.78 Lower by 0.26%

Columbia flex/R&D statistics

    Change from Q2 2018
  • Quarterly absorption:
39,723 SF --
  • Market vacancy rate:
13.05% Lower by 142 basis points
  • Average weighted rental rate:
$7.72 Lower by 15.07%

Columbia manufacturing statistics

    Change from Q2 2018
  • Quarterly absorption:
-207,012 SF --
  • Market vacancy rate:
10.47% Higher by 91 basis points
  • Average weighted rental rate:
$3.17 Higher by 7.82%

Columbia warehouse statistics

    Change from Q2 2018
  • Quarterly absorption:
175,266 SF --
  • Market vacancy rate:
7.68% Lower by 41 basis points
  • Average weighted rental rate:
$3.85 Higher by 3.49%

Retail market

Fast food is evolving to fast casual and the trend is visible in the Columbia retail market. Demand is high for Columbia retail space and the market posted a positive absorption during the third quarter of 2018. Core vacancy has dropped to 4.99%, with only 279,375 square feet of retail space available throughout the market.

Market statistics

    Change from Q2 2018
  • Market inventory:
13,137,317 SF --
  • Quarterly absorption:
26,175 SF --
  • Market vacancy rate:
10.09% Lower by 20 basis points
  • Average weighted rental rate:
$13.59 Lower by 1.81%

Columbia core statistics

    Change from Q2 2018
  • Quarterly absorption:
34,843 SF --
  • Market vacancy rate:
4.99% Lower by 57 basis points
  • Average weighted rental rate:
$19.91 Lower by 2.21%

Columbia non-core statistics

    Change from Q2 2018
  • Quarterly absorption:
-8,678 SF --
  • Market vacancy rate:
14.60% Higher by 12 basis points
  • Average weighted rental rate:
$11.76 Lower by 1.51%

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.