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Downtown office market


Infinite1

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  • 1 month later...

Here's some recent info on the office market, taken from Colliers Keenan 2007 1st Quarter Office Market report (PDF file):

The first quarter of 2007 proved to be very active for the office market in Columbia, South Carolina. After a rapid expansion during the last half of 2006, wherein the entire market absorbed 191,000 square feet, the market continued this course of growth from January 2007 to March 2007 by absorbing an additional 100,000 square feet; a very strong quarter in many respects.

While the market saw a steady expansion over the past several years, the level of activity experienced during the first quarter of 2007 is exciting due to new national tenants entering and fueling the growth of the market. New tenants such as Staples and Total Carolina Care, a subsidiary of Centene Corporation, are among others who leased space in Columbia. Staples will occupy 75,000 square feet at Fontaine Business Center in the Northeast submarket, and the Centene Subsidiary will occupy space in 1441 Main Street in the Central Business District...

Looking forward, we expect the office market to stay the course during 2007. There are several unknowns lingering, such as the impact of condominium projects on the multitenant market, but with national tenants currently in the market looking for space we expect the vitality of the market to continue through the second and third quarter. While it is speculated that inflationary pressures on the national economy may be pushing towards a recession, we expect the Southeastern market and the Columbia area to continue to remain strong as the region

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  • 2 months later...

Sounds encouraging. We need a new tallest. Something 30+ stories would really get me excited. I've been quite pleased with all the developments downtown, although most of them are not highrises. These developments are important to downtown's density (which is becoming quite impressive). That said, I will be disappointed if we don't see a major tower in the works within the next several years -- something to make people sit up and take notice.

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Personally, I think a "new tallest" would hurt Main St. I think we need to focus on the street level view of downtown rather than the view driving in from the suburbs. A 10-story building and a 30-story building look about the same from the street below, but three 10-story buildings does a lot more for street level density than a single high rise does. I'd rather Columbia *feel* impressive (from being on the streets downtown) than *look* impressive driving in.

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I wish Scana wasn't relocating...then we would probally see a new tallest..I kinda agree with super jack. We definetly need something to stand out and let everyone know Columbia is growing. I've been doing alot of traveling lately mainly between Atlanta and D.C. and almost every city along 85 and 95 have a new tower in the works. We will definetly see something new but the height is questionable. But you guys don't forget the meridian tower hasn't been here 5yrs yet and there is already talks of a possible new tower. :thumbsup:

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Personally, I think a "new tallest" would hurt Main St. I think we need to focus on the street level view of downtown rather than the view driving in from the suburbs. A 10-story building and a 30-story building look about the same from the street below, but three 10-story buildings does a lot more for street level density than a single high rise does. I'd rather Columbia *feel* impressive (from being on the streets downtown) than *look* impressive driving in.

Firstly, I would hope that a new tallest wouldn't go on Main. My choice would either be Sumter or Marion. Secondly, there are midrises that don't do anything for the street level just like there are highrises that do the same (e.g., First Citizens building). Just make sure that retail space is fitted for the ground floor, no matter the height.

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I would like to see and have heard it rumored that the SCANA building will go residential. Whatever they do with it, it needs new windows.

Yeah it was talked about in the state paper when it first came up that scana was leaving. I am sorry but I can not see Palmetto Center have any residental in it. Its like the old Wachovia building in WS I am not sure it was a big hit so don't quote me but I think its just too purpose built for office to ever be effective for residental use.

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  • 3 months later...

Definitely. Columbia is in good company with heavy hitters such as NYC, San Francisco, and Houston. It's also good to see other smaller cities on the list too (Greenville, Little Rock). Hopefully it will cause increased outside interest. If the city really gets proactive (which it seems like it has been doing lately as it concerns the downtown office market, particularly the CBD), a company or companies could fill the space in the Palmetto Center that will be left behind by SCANA sooner than we think.

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  • 9 months later...

Grubb & Ellis's forecast for the office market in 2009 is a mixed bag, which is expected. Class A vacancy rates declined to 11.25% in the Columbia office market during 2008. The biggest toss-up, of course, is whether or not (a) tenant(s) can be secured for the Palmetto Center once SCANA completely vacates the building.

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  • 2 years later...

The Columbia office market continued to make positive gains during the first quarter of 2011 as the local economy showed signs of post-recession improvement, according to a report from Colliers Keenan commercial real estate company. Columbia’s Main Street was the first area to experience a resurgence of leasing activity. While leasing activity remained largely concentrated in the Central Business District during the first quarter of 2011, Colliers Keenan said that activity migrated toward downtown buildings offering free parking. Tenants such as Computer Sciences Corp., AFLAC and Eagle Eye Analytics executed leases in the Congaree Vista in office properties that offer free surface parking.

The number of regional law firms and national tenants that demonstrated interest in the Columbia market during the first quarter of the year was much greater than has been previously experienced.

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  • 3 years later...
Vacancy rates for downtown office space are expected to tighten through the remainder of the year as older properties undergo redevelopment for residential and commercial use, according to NAI Avant’s office market report for the first quarter.
 
Normal market absorption will contribute to the tightening, as well as the lack of any new buildings coming online until the opening of the Horizon II building at the University of South Carolina’s Innovista Campus in 2017, the report added.
 
Much of the activity in the near future probably will be focused on adaptive reuse projects, said the report’s author, Macon Lovelace.
 
“Given the potential incentives available now for buildings over 50 years old to receive landmark status or other tax credit vehicles, we expect to see an increase in adaptive redevelopment projects,” Lovelace said.
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Normal market absorption will contribute to the tightening, as well as the lack of any new buildings coming online until the opening of the Horizon II building at the University of South Carolina’s Innovista Campus in 2017, the report added.

 

South Carolina seems to be trying to draw manufacturers rather than corporate offices as North Carolina seems to be doing. I wonder if the city is trying to do any work of its own to draw more companies downtown.

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