The relocation will almost certainly raise metro Atlanta's office vacancy level above the current 20.6% mark, analysts say. "Atlanta's office market continues to weaken," Michael A. Crawford, research director at Atlanta-based Bullock Mannelly Partners tells GlobeSt.com. "With many companies struggling to turn profits, excess office space has been shed at a hurried pace."

Highwoods Properties Inc., the Raleigh, NC-based owner of the building, says Coke has hired Advantis Real Estate Services Inc. of Atlanta to fill the suburban space. Average quoted rents in the Glenlake submarket, north of Downtown Atlanta, are $22 to $24 per sf. Subleased space would be less, brokers say.

The soft drink company confirms it will continue to pay Highwoods rent until a sublease tenant is found. Coke is on a 10-year lease that expires in 2011. The lease is aggregately valued at $60 million or about $24 per sf, according to a published report.