The leading submarkets in the absorption column were GA 400 North, Downtown, I-285-GA 400, I-75/I-285, Midtown and Buckhead/Lenox. The top submarkets in occupancy were Decatur, 96.37%; NE Expressway South, 96.19%; Stone Mountain, 96.05%; Buckhead/Lenox, 95.83%; and Midtown, 95.16%. Bowers notes these tight areas had minimal or no deliveries during the year.
The average rental rates of $21.45 per sf were close to the estimates of $21.50 per sf. The Buckhead submarket, in the Urban Corridor, saw rental rates of $26.3 per sf, the highest in metro Atlanta. The average for the three-submarket Urban Corridor reached $23.93 per sf, while the average suburban rate was at $20.26 per sf.
Despite a slowing economy, Bowers predicts positive results for 2001, but not as strong as 2000. The report projects a net absorption of about five million sf; average rents of $22 per sf; and stable or slightly rising occupancy rates to 92%. One factor that will affect results will be the return of second generation space to the market from the shakeout in technology with closings, consolidations and significant downsizing.
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