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Atlanta Absorption Slows

ATLANTA- New retail space is not being absorbed as quickly today as it has been over the past two years, report says.

By Jennifer D. Duell | Updated on December 13, 2004

ATLANTA- After two years of exceptional absorption in the retail sector, absorption has slowed and occupancies have increased.

For the past two years, absorption levels averaged around 4 million sf, but so far this year only 1.3 million sf have been absorbed, according to a recent report from Atlanta-based retail research firm Bullock Mannelly Partners Inc.

Moreover, with more than 165 million sf of gross leasable area, overall vacancy levels have increased for the third consecutive quarter to a third quarter rate of 8.3%, up from a second quarter rate of 8.2%.On a positive note, 7 of the 11 submarkets covered by Bullock Mannelly showed an improvement in their vacancy rates, with only Georgia 400, North Cobb, South Atlanta and South Metro showing increased vacancy rates. Of all submarkets, Buckhead continues to register the lowest vacancy rate of 4%, while the South Metro submarket recorded the highest vacancy rate of 13.8%.

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