Colliers Cauble, which negotiated for the tenant, wouldn't give GlobeSt.com the current average asking rents at Six Concourse. But area brokers tell GlobeSt.com on condition of anonymity the previous $25-per-sf rent is down to the $20 per-sf to $22 per-sf range. Richard Bowers & Co. puts the average class A metro rent at $21.58 per sf and the area's average vacancy level at 11% at the beginning of fourth quarter 2001.
"Rents have been affected, short-term, because of the recession," Colliers Cauble broker Hugh Pafford tells GlobeSt.com. Six Concourse, at 85% occupancy, has 100,000 sf vacant, the broker says. David Shope, Six Concourse leasing director, represented the property owner.
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.