Atlanta’s downtown sector makes up the majority of these vacancies despite revitalizations projects underway.
Atlanta is breaking records–for the number of available vacant office spaces around the city.
Data released by real estate firm CBRE revealed that Atlanta continues to have a substantial amount of office spaces that have yet to be rented out. Over a third of all office spaces remain up for grabs in the Georgia capital, an ongoing statistic that is granting Atlanta a not-so-endearing claim to fame.
This trend impacted multiple areas, but especially in its downtown sector. Specifically, the report disclosed that Atlanta’s downtown marked 54.7% of office vacancies. The area is undergoing a revitalization project, deemed the “Master Plan,” after years of stagnation for both residential and business development. However, its current conditions are not helping potential buyers opt-in.
The firm concludes that the wide availability stems from corporations reducing expenses due to the fluctuating economic state.
“Overall, the stubbornly high availability rate in Atlanta continues to be the result of corporate tenants with substantial footprints offloading unneeded space amidst economic distress,” the firm wrote in its report.
“Many of these tenants are opting to sublease entire buildings and consolidate their leases into a single location. In some cases, owner-occupiers are going as far as shedding HQ locations and regional satellite offices in an effort to mitigate the impact of current economic conditions.”
Source: Black Enterprise
