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Centennial Olympic Park Projects Fuel Area's Red-Hot Office Market

ATLANTA-Occupancy is at 91.7%; rents average $21 psf; and first-half net absorption is 4 million sf. The numbers are ahead of the 1999 performance and have eclipsed all 2000 projections, according to Richard Bowers & Co. researchers.

By Judith Schonbak | Updated on September 08, 2000

ATLANTA-This town is one hot market. The numbers prove the point. First-half office space absorption was 4.18 million sf and counting–well ahead of both 1999 and 2000 projections by Richard Bowers & Co., a local commercial real estate firm.

Average rental rates ratcheted up to $21.01 psf, and the occupancy rate climbed to 91.7%. Absorption outpaced delivery in the first half, accounting for the higher occupancy rate. Occupied office space breached the 100 million sf level and continues to rise.

The Urban Corridor, comprised of downtown, Midtown and Buckhead/Lenox, is robust. Just five years ago, companies were leaving the downtown area for livelier surroundings and more modern space in Midtown and Buckhead. Others were exiting the urban scene completely, heading north to the exploding North Fulton market where new buildings were, and still are rising in droves.

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