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Columbia Business Monthly

#ColumbiaAgenda: Office Jobs Remain Flat, Midlands Give Record, New Tea Shop Near USC, Dick Harpootlian, Carolina Panthers, The Dawn of Robotic Bees Sniffing Shark Vomit

Apr 12, 2019 10:25AM ● By Chris Haire

Office-using jobs remain flat in Columbia MSA: The Columbia office market is showing signs of sluggishness after office-using jobs peaked two years ago, but the city has many attractive factors that bode well for the future, according to the first quarter commercial real estate report from Colliers International.

Despite negative absorption, the report cites low unemployment -- 3.1 percent as of December 2018 -- along with a strong business climate and regional investment as plusses. The report also notes another positive sign: rising rental rates. 

“With the continual rise in construction costs as a deterring factor, the cost to construct a new office building does not provide the returns to entice investors,” the report states, and the rental rates for newly constructed space would need to be much higher than current market rates.

However, high-quality space is in short supply, leading owners to continue raising rates. The average weighted rental rates for available office space increased from $17.36 per square foot in Q4 2018 to $17.73 per square foot in Q1 2019.

While 7,300 jobs have been added, no office-using jobs -- those in the professional and businesses services, financial activities and information sectors -- have been added since December 2017 in the Columbia Metro Statistical Area.

“Instead of tenants in the market demanding expansion space, they have a desire to downsize as office-using jobs decrease,” according to the report.

The largest sale was $14.18 million, which MBRE Healthcare paid for a 42,295-square-foot office on Forest Drive. --Leigh Savage


The Wire
Record Number Of Nonprofits Participating In May 7 Midlands Gives Day

BlueCross BlueShield Of South Carolina Foundation Awards Grant To United Way

Sweetwaters Coffee & Tea To Open Near USC Campus

Statewide SC Codes Initiative Officially Launches

Walmart Plans $45 Million Investment In South Carolina In 2019

Recovr Receives SC Launch, Inc. Investment

The News
Panthers coach visits SC capitol as incentives considered (The State)

Dick Harpootlian questions benefits analysis of Panthers HQ move (Herald-Journal)

How The Post and Courier used a “mini-publisher” approach to create new revenue streams (Better News)

SC lawmakers debate dueling bills on offshore drilling in the Atlantic (Post and Courier)

Senators Oppose Trump Budget Cuts for Corps Civil Works (Engineering News-Record)

Salaries barely keeping pace with inflation in logistics industry causing discontent (Logistics Management)

A Practical Guide for Multistate Employers on Managing the Growing Patchwork of Marijuana Laws (National Law Review)

Ebola survivors offer clues for vaccine development (Fierce Biotech)

3D Concrete Printing Firm Primes for Upcoming US Project (Engineering News-Record)

Disney on Pace for Record as Investors Cheer Streaming Service (Bloomberg)

Researchers want to link your genes and income (Wired)

Augusta National Has Quietly Made a $200 Million Land Grab (WSJ)

Defense Companies Already Preparing for Space Force Windfall (Defense One)

Funding border mission forces National Guard to choose: reprogram funds or cancel training (Stars & Stripes)

Shrinking Middle Class Threatens Global Growth, Stability (WSJ)

Using CRISPR to identify a new cancer drug target (Fierce Biotech)

Robotic Spiders and Bees: The Rise of Bioinspired Microrobots (Science Daily)

Thousands of Amazon workers are listening to recordings of Echo users (Fast Company)

50 Most Influential
Mike Gula
Columbia Metropolitan Airport
Executive Director

Mike Gula is the new executive director at the Columbia Metropolitan Airport. Prior to being named the CAE executive director, Gula served as the director of operations, planning, and facilities from 2014 to March 2018. 

Gula has more than 15 years of experience in airport management and has worked at four commercial service airports, including Greenville-Spartanburg International Airport, where he served as the director of operations, Blue Grass Airport as the operations manager, and Toledo Express Airport as the manager of operations and cargo development. He also has experience in the air cargo industry and has worked for Emirates SkyCargo, Globe Air Cargo, and LGSTX, a subsidiary of Air Transport Services.

Gula holds a bachelor degree from Bowling Green State University, where he majored in aviation management and operations. In 2010, he was accredited through the American Association of Airport Executives, only 10 percent of airport industry professionals have this designation. He was also recognized as a 40 under 40 candidate in 2016 by Airport Business.
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