Activity was greatest in two major markets, South Atlanta and the Northeast quadrant, according to Tim Schneider, vice president, Grubb & Ellis Industrial Services Group. The South Atlanta area, including Henry County where a number of large projects have been and are being developed, absorbed 4.5 million sf . Following closely was the Northeast area, including much of Gwinnett County, with 4.4 million sf.
The size of deals was across the board, Schneider tells GlobeSt.com, but "in South Atlanta, the trend was toward big deals, particularly since big blocks of space were built and available."
Space delivered during 2000 totaled more than 16.4 million sf. Owner-occupied space accounted for about two million sf. At the close of last year, the metro area had more than 10.6 million sf under construction, led by the Northeast quadrant with 3.6 million sf and South Atlanta with 3.5 million sf.
The year-end Grubb & Ellis report estimates five million sf will be absorbed through June and that 10 million sf will be under construction by the end of June 2001. Rental rates will be flat as a result of supply catching up with demand.
Bulk distribution rents range from $2.75 per sf in the central business district to $4.60 per sf in the North Central market, making a metrowide average of $3.80 per sf.
For flexible space, the CBD recorded the lowest per-sf rate of $4.85 per sf to $8.50 per sf in the North Central and the Northeast markets, with an average tally of $7.44 per sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
