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Digesting Surplus Office Space May Take Three to Five Years, Study Finds

ATLANTA-Authors of the second quarter 2002 Atlanta office market report from locally based Bullock Mannelly Partners see lackluster performance this year. Completions will slow, vacancy will rise, rents will stay flat and sales will be sluggish, while absorption struggles to inch ahead.

By Marita Thomas | Updated on July 03, 2002

ATLANTA-Job losses, vacated space that was previously leased, and empty newly delivered office projects combined with the “uncertain timing of an economic recovery, (have) caused many to doubt the vitality of the market near term,” says a second quarter 2002 Atlanta MSA office market report authored by Scott Olson, managing partner of locally based-Bullock Mannelly Partners and Michael Crawford, research director.

Long-term, they look to Atlanta’s low cost of living, affordable housing and projected employment growth for recovery.

Construction activity continued strong during 2001, particularly in the North Fulton submarket and Midtown, contributing to the current surplus. “With fading demand, Olson and Crawford note that “several projects have been sidelined or cancelled,” most notably a 453,000-sf, 10-story Georgia Pacific property planned for downtown.

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