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 Coke-occupied building 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.