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Downtown office market

Infinite1

By Infinite1
in Columbia

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Infinite1 Whistle-Stop

Infinite1

Posted
Posted

Colliers Keenan mid-year office market surevey has indicated that the Columbia area office market is looking very strong. Particularly, the CBD is absorbing more space and has virtually filled all of the space added in 2004 (read Meridian).....so it looks like the market is ripe for speculation and pehaps a new office tower.

Here is an exerpt from the report

Forecast

The Columbia office market continues to climb after dramatic

downturns in 2003 and the beginning of 2004. The most robust

markets, the CBD, the Northeast and the St. Andrews markets, are

expected to continue growing over the remainder of 2005. As

streetscaping progresses in the CBD, it is anticipated that many

tenants will have a renewed interest in this market. As demand in

these areas strengthens, it is likely we will see new developments

come online, in addition to the projects currently underway. The

Northeast market continues to be a Mecca for population growth;

and, as projects such as Lake Carolina and Village at Sandhills

develop, new office properties will subsequently develop. Although

the St. Andrews area has little room for future expansion, its

convenient location along I-20 and I-26 will make it a prime location

for continued office absorption in the future.

Central Business District

The CBD continued to gain momentum in the first half of 2005 with

a net absorption of over 55,000 square feet. Of this, Class A space

accounted for nearly 15,000 square feet and produced an average

rent of $19.95 per square foot. The Class A occupancy rate rose to

91.2% over the previous six months. The majority of space leased

in the CBD during the first half of 2005 was in smaller Class C

properties, which have struggled in recent years.

Overall, the CBD market appears to be

gaining strength, with occupancy rates now

at 86.9%. The market is quickly absorbing

the new space that came online in 2004,

which resulted in occupancy rates falling to

81.7% at mid-year 2004.

The First Citizens corporate headquarters

is well underway on the 1200 Block of Main

Street and plans are being finalized for a

360,000 square foot office building at the

former Kline Iron & Steel Site.

source Coliers-Keenan

see the entire report here.

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CorgiMatt Town

CorgiMatt

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I'm always ready for a new office tower, but as it is now I see Columbia's skyline from I-126, 9th Street in West Columbia, Meeting Street in West Columbia, Knox Abbott Drive at the Blossom Street bridge, and from several other vantage points as being quite a nice signature for our city. It is balanced, well textured and colorful. Many cities that are significantly larger should wish for a skyline as attractive as Columbia's.

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waccamatt Town

waccamatt

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On South Main???

<_<

I know this is going to sound like a dumb question but I have never been to clear on it. First Citizens HQ DT is this the national, regional, or state corporate HQ. Does anyone know?

First Citizens only has offices in South Carolina and Georgia and is based in Columbia. The new building is the bank's corporate HQ. There is another First Citizens of NC, but they are separate companies. I believe they were founded by brothers, but they are separate companies.

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colajnp Unincorporated Area

colajnp

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is this residential tower the same one that Holder Company talked about in the paper several months back? They do some cool work.

I'm ready for a 400-500 footer and I bet there will be one in the next few years. Also, keep your eyes out for a big announcement about a residential tower soon.
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krazeeboi Gigalopolis

krazeeboi

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It also mentions the office building at the Kline site, I did not realize it would be that big....360K SF is a pretty good sized building.

I'm actually just realizing how big that is. To put it into perspective, the First Citizens tower under construction now is 170,000 sq ft, and while it may not be that tall, it isn't exactly a small building. This means the office building to be constructed at the Kline site will be twice as spacious as First Citizens. That's pretty big.

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CorgiMatt Town

CorgiMatt

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It also mentions the office building at the Kline site, I did not realize it would be that big....360K SF is a pretty good sized building.

I read in the December issue of Greater Columbia Business Monthly that the Kline site development is going to set the tone for Vista development in the surrounding area. Kline's owner still has ownership of the land and he said in the article that the development will be something that will make South Carolina proud.

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CorgiMatt Town

CorgiMatt

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They are the ones planned for the Kline site. I don't know if they are acutally going up at this point or not. Last time I was in Columbia it was just an empty lot.

A bulldozer was delivered to the site last week. I always get excited when a bulldozer arrives on a graded lot.

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krazeeboi Gigalopolis

krazeeboi

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The State reports that the S.C. Department of Insurance (I never knew there was such a department) will relocate to The Capital Center at Assembly and Main streets from the Fontaine Business Park, bringing an estimated 90 employees downtown. The department will lease 28,165 square feet in The Capital Center at a base rental of $15.62 a square foot, including 91 parking spaces. At Fontaine, the department leased 36,124 square feet at a rate of $18.91.

The city's office market seems to be heating up, at least for the first quarter of spring. Based on leases signed during the first five weeks of 2007 and what is projected for the remainder of the quarter, Columbia will see nearly 200,000 more square feet of office space occupied in the first three months of the year, said David Lockwood, senior vice president and principal for Colliers Keenan. That is nearly as much space as the entire market absorbed all of last year according to Lockwood.

The article also said that Wachovia is expected to make an announcement soon concerning its office space. It's moving out of the Palmetto Center (along with SCANA) and may consolidate operations right across Main Street at Hampton where it has a large amount of leased space. Another possibility could be to relocate in the office space that is to be part of the Kline site development (which we should also hear something about soon).

A new high-profile tenant for The Meridian on Main Street is expected to be signed in the next month that would take the building over the 80% occupied mark.

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