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July 10, 2023

Atlanta Office Vacancy Eclipses 28%, Setting New All-Time Record

Hanover Co. Partner Adam Harbin Discusses Midtown's Residential Demand And The Motivations Behind The 400-Plus Unit 1230 Peachtree Project On Aug. 30.

There has never before been this much empty office space in Atlanta.

Atlanta Office Vacancy Eclipses 28%, Setting New All-Time Record

Metro Atlanta's 173.5M SF office market is 28.2% vacant, according to brokerage firm Savills, the highest number it has tracked since it started researching the region in 2005. The figure, which only tracks direct vacancy, is 26.5% higher than at this point last year.The direct vacancy…

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How Special Servicers Handle Troubled CRE Loans This Cycle Will Be Different Than Past Downturns

How Special Servicers Handle Troubled CRE Loans This Cycle Will Be Different Than Past Downturns  

With roughly $50B in CMBS loans tied to office buildings maturing in the next 18 months, special servicers — the firms hired by CMBS trusts to resolve issues as they arise — are about to be very busy.

The number of properties that have been transferred to special servicing is on the rise, but unlike the last two times special servicing rates shot up — in 2020 at the onset of the pandemic and during the Global Financial Crisis — interest rates are already…

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Remembering Bisnow CEO Will Friend: ‘He Taught Me How To Be A Boss’

Remembering Bisnow CEO Will Friend: ‘He Taught Me How To Be A Boss’  

When Will Friend was 15 years old, he traveled alone from the United Kingdom to Washington, D.C., and after a few days he called his parents across the Atlantic to break some news: He wasn’t coming back.

Most teenagers could never have gotten away with such a bold move, but most kids weren’t Will and not only did he get away with it — he convinced them that it was a good idea.

So, he left the prestigious Harrow School in London, made famous by his idol Sir Winston Churchill, and set off for a new life. As he recalled later, he just instantly “fell in love with America.”

“I could feel the American dream,” Friend said in 2019 on The Fort podcast. “It’s hard to truly appreciate what that feels like until you’ve lived somewhere else. Anything is possible in America, and it’s important to never take that for granted.”

By all accounts, he never did. Motivating people to go to places within themselves and push beyond their own self-perceived limits was a hallmark of Will’s personality, but his first project was himself, and coming to the U.S. alone as a teenager was an early glimpse of the man Will became.

Through sheer determination, it worked out quite well for Will.  By the time he turned 27, he had already risen through the ranks of Bisnow to become its CEO. He transformed the company from a local, family-run events business into a global company that now boasts 350 annual digital and…

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This Week's Atlanta Deal Sheet: Dawsonville Racetrack Looks To Go Mixed-Use

This Week's Atlanta Deal Sheet: Dawsonville Racetrack Looks To Go Mixed-Use  

The owner of a sprawling sports car and go-kart racetrack in North Georgia is hoping for a green flag to build a mixed-use project on the property.

Motorsports Realty, a division of Atlanta Motorsports Park, is seeking to rezone a quarter of its site at 20 Duck Thurmond Road in Dawsonville to allow for 291 residential units and nearly 55K SF of commercial space, according to an application filed with the Georgia Department of Community Affairs,…

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