Highly Occupied Market Sees Little Activity

Key Takeaways

  • The Columbia, SC medical office market remained steady throughout 2013 ending the year with a vacancy rate of 5.32%, a fractional reduction of 2 basis points from year-end 2012.  
  • Overall asking rental rates averaged $19.69 per square foot per year full service at the end of the year.  
  • Northeast Columbia held the highest vacancy rate in the market at 15.31%.  
  • Extremely limited activity during the second half of 2013.

Current Conditions

Palmetto Health Baptist Parkridge, Columbia’s newest hospital, will begin treating patients in late March 2014.  The 76-bed full service community hospital will have a 24/7 emergency room and will serve residents of Northwest Columbia and surrounding areas.  The hospital contributed largely to the area with a $125 million investment to build the hospital and an additional $2 million in road improvements, which were completed in November 2011.  The hospital was built on 75 acres and shares its campus with Parkridge Medical Office Building.  The hospital aims to make patients and their guests feel comfortable and at home while providing a high quality level of care in a state of the art facility.

Lexington Medical Park – Congaree, a two-story 70,000 square foot facility, is under construction in West Columbia.  The facility is located across from the SCANA corporate campus on 12th Street Extension near I-77.  The medical center will support nearby businesses such as SCANA, Amazon.com, Nephron Pharmaceuticals and the Saxe Gotha Industrial Park.  The facility is anticipated to be completed in late 2014 and will create 64 full time positions.

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