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Office Absorption Hits Six-Year Low

ATLANTA-Indicative of the national economy's slowdown, only 47,492 sf of office space was absorbed in the metro Atlanta market during the first quarter, pushing vacancies up. But one locally based firm says a turnaround is expected by year end.

By Stacey Corso | Updated on April 23, 2002

ATLANTA-The national recession and fallout from Sept. 11 continue to take a toll on the metro area’s office market, according to first-quarter statistics released by locally based Richard Bowers & Co.

One of the most startling findings of the report was the meager absorption rate posted for the first quarter, Jared Boyd, Richard Bowers’ research director., tells GlobeSt.com. At the end of March, absorption totaled 47,492 sf, the lowest quarterly absorption in the past six years.

Nine of the sixteen submarkets surveyed by Bowers experienced negative absorption with the only significant positive absorption occurring in the I-75/I-285 submarket (214,706 sf), the Northeast Expressway North (72,858 sf) and Airport South with 54,518 sf.

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