2023 Office Space Rent & Sales
- $20.02 2023 Avg. Asking Rent
- 1.36% Y-o-Y Avg. Asking Rent Change
- 15.10% 2023 Office Vacancy Rate
Columbia office price per square foot in 2023 was $20.02 on average. This marked a +1.36% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.10% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Columbia Class A & A+ Office Space$22.03
- Columbia Class B Office Space$19.10
- Columbia Class C Office Space$15.58
- South Carolina Class A & A+ Office Space$29.25
- South Carolina Class B Office Space$23.44
- South Carolina Class C Office Space$25.64
Columbia, SC Office Asking Rents by Class
Average office rent in Columbia rested at $20.02 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Columbia averaged $22.03 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.10 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.58 per square foot, on average. Comparably, statewide South Carolina average office rents by class in 2023 were: $29.25 per square foot for class A office space; $23.44 per square foot for class B office space; $25.64 per square foot for class C office space.
2023 Office Vacancy Rates in Columbia
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Columbia - CBD | $22.72 | 12.25% |
| Columbia - I-26 Corridor | $20.83 | 27.80% |
| Columbia - Northeast | $18.71 | 21.53% |
| Columbia - North Central | $17.00 | 27.36% |
| Columbia - I-126 Corridor | $16.21 | 12.94% |
| Columbia - Forest Acres | $16.00 | 2.06% |
Office Spaces for Rent in South Carolina
Coworking Spaces in South Carolina
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2023 Office Construction in Columbia, SC
- Columbia, SC Total SF completed in 2023 64,990
During 2023, 64,990 square feet of new office space were delivered across the market. At the close of 2023, the Columbia office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 64,990 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Sola Station | 325 Taylor St, 29201 | 30,000 | 2018 |
| 8 Science Ct - Building B | 8 Science Ct, 29203 | 22,236 | 2015 |
| 1221 Bower Pkwy | 1221 Bower Pkwy, 29212 | 7,822 | 2008 |
| 1040 Wildwood Centre Drive | 1040 Wildwood Centre Drive, 29229 | 2,000 | 2007 |
| 1034 Wildewood Centre Dr Suite B | 1034 Wildewood Centre Dr, 29229 | 1,800 | 2007 |
| 2113 Adams Grove Rd. | 2113 Adams Grove Rd., 29203 | 22,263 | 2005 |
| 2113 Adams Grove Rd. | 2113 Adams Grove Rd., 29203 | 22,263 | 2005 |
| Former MIRCI Drop-In Center | Single-Level Building in Downtown Columbia | 1433 Gregg St, 29201 | 3,600 | 2005 |
| 607 Lady Street | 607 lady street, 29201 | 750 | 2005 |
| Berkeley Building | 200 Center Point Circle, 29210 | 74,069 | 2003 |
Worth noting among recent office completions on the Columbia market is Sola Station, which is currently the largest new office development in the city, at 30,000 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Columbia commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.