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Office Market Bottoming Out, Bowers Reports

ATLANTA-At mid-year, Atlanta's office absorption stands at its lowest in a decade, according to Richard Bowers, president of locally based Richard Bowers & Co. Overall rental rates average $21.53 per sf. Buckhead leads the submarkets at $26.34 per sf.

By Marita Thomas | Updated on July 11, 2002

ATLANTA-While Atlanta continues to suffer a slow office-market economy in the second quarter, Richard Bowers, president of locally based Richard Bowers & Co., sees a bottoming out.

“No speculative space is scheduled for delivery during the second half of 2002,” he says in a new second-half report. “In fact, only limited new deliveries will occur in 2003.” They will be contained in four buildings and total just under 1.5 million sf.

The second-quarter occupancy rate dipped to 86.51%, down from 86.62% in the previous quarter. Average quoted rental rates remained stable at $21.53 per sf.

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