Office Building Sales Rising

ATLANTA-Investors continue to scout the metro area for good buys in multi-tenant office properties despite an average third-quarter vacancy rate of 22%, reports local broker John W. Wise in his 12-year-old The Wise Office Report.

“Office properties with longer-term credit tenants are in high demand in today’s market,” says Wise, a real estate professional for the past 25 years. “A great deal of capital is available for well-located office properties with credit-worthy tenants, but there is not enough supply.”

Third-quarter office building sales totaled $293.2 million for an aggregate 2.6 million sf on 22 transactions, up from volume of $128.6 million on 32 deals in the same period last year, Wise notes. Among the transactions were 17 class B buildings, three class A structures and two business parks.