Fourth Quarter Game-Changers for the Central Business District
The Columbia office market closed 2012 with significant positive changes occurring in the Central Business District. Continued job growth in the finance, insurance and technology sectors created strong interest in Columbia’s CBD resulting in a year-end total vacancy rate of 14.21% in the CBD and 20.23% overall in the Columbia office market. The Columbia market absorbed 36,970 square feet of office space in the fourth quarter resulting in the absorption of 55,534 square feet in 2012. Overall market rental rates in the entire market declined in 2012 and are down $0.32 from the third quarter of 2012. This overall decline is largely attributed to the decline in Class C rental rates of almost $1.00. Class A and B rental rates remained stable in the fourth quarter for the Columbia market but showed significant increases in the CBD with a 3.9% spike in Class A CBD rental rates due to significant tightening in the Class A CBD market.
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