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GlobeSt.com UPDATE: Office Vacancy Hits 16.9%

ATLANTA-The picture isn't a pretty one for this city's office sector. Overall vacancies have risen to 16.9%, Grubb & Ellis executives report. And a glut of sublease space has made matters worse.

By Stacey Corso | Updated on March 22, 2002

ATLANTA-Fallout from the dot-com and high-tech industry’s bust has taken a toll on the local office market, contributing to high vacancies and stabilizing rental rates.

Sublease space has been returned en masse and direct vacancies have risen since Q4. These softening conditions have made some submarkets a true bargain for potential tenants eyeing space opportunities, though.

Kevin Fairris, client services manager in the local office of Grubb & Ellis Co., tells GlobeSt.com the overall vacancy rate in Atlanta has risen to 16.9% in March versus the 15.4% vacancy level the firm reported at the end of the fourth quarter.

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