Columbia, SC, April 29, 2016— CBRE Research has released the latest data on the office commercial real estate markets in the Columbia market.
With the absorption positive for the 12th consecutive quarter in the Columbia Office market, momentum is clearly rising. Asking rates have risen 17% over the last three years. Gains in vacancy and availability have been consistent over that time period with the exception of the Q4 2015 when a large suburban corporate campus became available. The largest positive movement of the quarter involved the lease of 30,000 sq. ft. by Merrill Lynch in the Columbia CBD submarket.
With several CBD towers expected to trade hands, existing owners of office product appear poised to capitalize on the growing momentum of the market.
“A market like Columbia, with a vibrant downtown and an office market stabilized by governmental presence, is viewed as low risk tertiary market from an investment standpoint,” said CBRE Research Manager Brian Reed.
The following are highlights of the report.
Rising Class A CBD asking rates have allowed landlords in all sectors and classes to lift their asking rates
The first of two new CBD buildings is expected to be completed in Q2 2016
Multiple major office buildings are expected to trade hands, injecting new capital and the promise of higher asking rates in the coming years
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