Q2 2026 Columbia Office Figures

The Columbia office market continued to strengthen in Q2 2026, with overall vacancy declining to 13.3%, down 40 basis points (bps) from the previous quarter and 50 bps year-over-year. The market has now recorded vacancy declines in nine of the past 13 quarters and remains well below its recent peak of 16.7% in early 2023. Occupancy gains have been driven primarily by Class A and Class B properties, while tightening availability in and near the CBD points to growing supply constraints among the market's most desirable office inventory.

Net absorption totaled 43,000 sq. ft. during the quarter, bringing cumulative net absorption since Q2 2023 to 356,000 sq. ft. More than 60% of that growth has occurred in the CBD, where Class A vacancy has fallen to just 3.3%. Leasing activity reached 201,000 sq. ft., consistent with recent quarterly averages and supported by several large renewals.

Despite improving fundamentals, asking rents remained stable at $19.52 per sq. ft. As premium office options become increasingly limited, particularly downtown, tenants seeking high-quality space may face fewer choices.