Improved Leasing & Sales Activity for the Office Market
The third quarter of 2013 brought further improvements to the Columbia, SC office market which ended the quarter with a vacancy rate of 18.8%, 134 basis points lower than the 2013 second quarter rate and 197 basis points lower than one year ago. Lease activity increased resulting in the absorption of approximately 126,000 square feet of office space throughout the Columbia market during the quarter. This rate of absorption has not been evident in the Columbia market in nearly a decade.
Due to a low vacancy rate of 11.41% coupled with the limited availability of quality space in Columbia’s Central Business District (CBD), tenants turned to the suburban submarkets, lowering the vacancy rate of 25.43% at the end of the third quarter.
As anticipated, average overall rental rates climbed to $15.12 per square foot per year for the market as quality space became increasingly limited. Class A rental rates averaged $18.65 per square foot per year, Class B rental rates averaged $15.43 and Class C rental rates averaged $13.22 per square foot per year for the entire market.
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