Crescent representatives couldn't be reached at GlobeSt.com's publication deadline but area brokers familiar with the Cumberland-Galleria market in Cobb County tell GlobeSt.com delaying the project may work out best financially for the developer.

"Even though Crescent's parent, Duke Energy, has the deep pockets to fund this project by itself, two other spec office jobs now under construction nearby could have hurt Crescent's leasing activity by signing up tenants first," an area broker who works the I-75/I-285 submarket tells GlobeSt.com on condition of anonymity.

Locally based Childress Klein Properties is still looking for its first tenant for Galleria 600, an 18-story, 432,000-sf tower. Hines Interests Inc. of Houston also is scouting for an anchor at its One Overton park, a 15-story, 380,000-sf structure being built across Interstate 75 from the Crescent site.

The 18 million-sf I-75/I-285 submarket shows a second-quarter vacancy of only 7.55% but a net absorption of negative 111,788 sf, according to Richard Bowers & Co.'s newest study. Average asking rent is $21.18 per sf.

But the 11.29 million-sf class A segment of that submarket is in robust condition with a vacancy level of 6.18%; 697,081 sf of available space; and average asking full-service rent of $24.47 per sf.