2020 Q2 Office Columbia Report

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What will be the impact to the Columbia office market from COVID-19?

Key Takeaways

  • Despite negative absorption during the COVID-19 quarantine period, Columbia office vacancy rate still remains low at 9.24%. When pandemic restrictions are relaxed or lifted, market activity is expected to return over the next 12 months. 
  • Less populated tertiary markets, like Columbia, may see less post-Coronavirus changes than major and secondary markets.   

Columbia changes are minimal

The COVID-19 pandemic has altered the operations of almost every type of business throughout the world. Major and secondary markets are likely to change the most, while tertiary markets, such as Columbia, may survive with limited overall changes. For several months quarantine restrictions forced businesses to: shut down, switch to a remote-working environment or minimize operations using essential employees only. Now that restrictions are being relaxed or lifted, the degree to which various markets are affected based on size and population density is becoming apparent. 

During a regular weekly commute, employees within major and secondary markets rely heavily on mass transit creating millions of daily interactions. It was, and still is, necessary to remove this aspect for employees due to the Coronavirus, and switch to a remote work environment to eliminate the high-level of social interaction. Businesses unable to accommodate employees working remotely are now either looking to expand their footprint, or working at half-capacity by either alternating work days or using rotating shifts in order to abide by social distancing standards within densely-populated offices.

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Columbia office report

2020 Q2 Office Columbia Report

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David Lockwood | Colliers International | Columbia

David Lockwood

Executive Vice President and COO | South Carolina

Columbia

I am an Executive Vice President and the Chief Operating Officer of Colliers International | South Carolina. I am also the Market President and Manager for Colliers’ Columbia office. I have a great appreciation for business competition and enjoy helping our team members win. This has been relevant in my career in brokerage activities with our clients and now with my approach to management. I enjoy seeing the success of people within Colliers who apply a strong work ethic and persevere to win assignments. I possess a strong passion for helping our clients achieve their goals whether it is in leasing space or determining solutions to complicated real estate matters.

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