It's been a dramatic fall from grace for Atlanta's office market. A prolonged slowdown in office leasing activity has left the region’s 151.4M SF office footprint an all-time-record 23.7% vacant, surpassing the city's prior nadir of 23.6% set in the second quarter of 2011, according to CBRE. Add in sublease space and space that companies have vacated while still under a lease, and CBRE reports more than 30% of Atlanta office stock was available at the end of the third quarter. And conditions are expected to worsen.
"Minimal tenant movement on the positive side is anticipated in the coming quarters,” CBRE Associate Field Research Director Scott Amoson wrote in a report. Savills Vice Chairman David Rubenstein, a nearly 35-year veteran of the office… Read the full story here. |