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Availability of large office blocks over 20,000 s.f. remain plentiful at end of the year

  • ​Availability of large office blocks has remained consistent over the past year: in December 2016, large blocks over 20,000 s.f. totaled 7.6 m.s.f., and today they total just slightly below 7.6 m.s.f. There has been leasing activity and churn within the pool of large blocks, however, resulting in the average time on market over the past year climbing by just 1 month to 32 months.
  • Unlike last year, today’s available large blocks are mostly vacant versus pending future availabilities. In December 2017, 84% of large blocks are vacant, compared to 63% in December 2016. New construction for 2017 will total more than 600,000 s.f., and were only 33.8% preleased at the time of their delivery. Vacancy over the past year has accordingly risen by 40 basis points to 13.7% as new blocks have delivered vacant.
  • While tenants still have a multitude of options overall, select submarkets have becoming increasingly limited in options. Columbia has only 5 vacant Class A available large blocks, and 3 of those are new construction in Downtown Columbia.
Source: JLL Research

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