IRR-Columbia Mid-Year Viewpoint 2015 Local Market Report - Office
The Columbia office market is slowly changing from a tenant’s market to one where tenants have to compete to lease the more desirable space. As a result, rental rates have increased considerably in the past 12 months. As the market rebounds renovations and new construction are on the rise. A building at 522 Lady Street is being renovated and expanded to 29,000 square feet. The former Columbia Cigar and Candy building is at the corner of Lady and Huger Street. Landtech and McCrory Construction Company will move their offices into the building and there will be 4,500 square feet available for lease. A new stair tower and third floor with executive conference rooms and roof deck will be available for tenants. The building will be constructed in a way that is energy efficient while maintaining the historical character of an old building.
Holder Properties recently broke ground on the University of South Carolina’s Innovation Center located in at the corner of Assembly and Blossom Streets. The five-story academic office building will be approximately 100,000 square feet when completed. Reportedly, 40% of the building will be available for lease upon completion in 2016. IBM, Fluor Corporation and the University are teaming up to create the research facility to attract further tech companies to Columbia.
As rental rates continue to rise, and vacancy rates decline, more new construction is expected.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.