April 1, 2014
IN THE NEWS – Kris Miller Weighs in on the Atlanta Office Market
Office market fundamentals in the Southeast, much like the rest of the country, are benefiting from the recovery and limited new supply hitting the market.
Atlanta, The unofficial capital of the Southeast, has experienced a high office vacancy rate — 16.4 percent in fourth quarter 2013 — that is compressing thanks to 10 straight quarters of positive absorption.
“The Central Perimeter submarket is, without question, the submarket that has experienced the most positive change during the past 24 months,” says Kris Miller, president of Ackerman & Co. “For a submarket that represents only about 15 percent of the total office space in metro Atlanta, Central Perimeter has absorbed much more than its proportionate share.”
Another bright spot in Atlanta’s office market is Buckhead, located north of downtown Atlanta.“Buckhead is clearly the submarket with the best fundamentals,” says Miller. “While Buckhead may not have as much momentum as Central Perimeter, it’s starting closer to the finish line and right now I’d consider it ahead [of Central Perimeter].”
Via Southeast Real Estate Business Journal. For more, click here.