- The Columbia office market consists of 10.2 million square feet of multi-tenant office buildings situated in the Central Business District (CBD) and four suburban markets. As of June 30, 2000, the overall Columbia office market was 92.2%occupied. This is the same level as of year end 1999. Although there is new construction in the market, there was no new office product completed during the first six months of 2000. The unchanged occupancy rate indicates very little absorption taking place for the first half of 2000.
- By many accounts, the strength of the market can be measured by several factors, including the occupancy rate of Class A space, new construction in the market and increasing rental rates. As of mid year 2000, the occupancy rates for Class A space was 92.0%. The office market has over 100,000 square feet of multi-tenant office buildings under construction. The Columbia market is also experiencing sharp rental rate increases in most market areas, but most notably in the CBD where average rents have increased over 10% during the last year.
- The Columbia office market should remain healthy during the second half of 2000. Although the first six months of2000 produced very little absorption, the activity taking place in the market indicates a strong second half of 2000. With limited new construction, tenants will have limited options for available space.
- Absorption for the remainder of the year should exceed 100,000 square feet within the market. New lease activity will be generated from the growth of technology firms and new service related businesses entering the area.
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