"A significant economic downturn in the Atlanta office market" is how company president and broker Richard E. Bowers characterizes the first-half performance. But he believes "the worst of the office market downturn has already occurred."
He expects improvement by year end in product deliveries and absorption despite 4.5 million sf of sublease space dumped on the market, largely by the high-tech sector.
Bowers anticipates the overall average rental rate will reach $22 per sf and occupancy rates will remain relatively stable at 90% to 90.5% by the end of the fourth quarter.
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