Caldwell Zimmerman, executive vice president and principal, and Jeremy Greenwell, an associate and consultant, provided data for the analysis, one of the few reports surfacing on the area's ballooning retail market. The report notes urban residential growth is fueling demand for street-level retail as obsolete properties are demolished or recycled. "City planners are recognizing the value of retail for revitalization projects," the study states. There is "upward pressure on land price for closer-in properties."

The overall average vacancy rate at year-end 2005 stood at 7.9%. Net absorption totaled 2.35 million sf with deliveries coming in at 2.6 million sf. Under construction was another four million sf. The average quoted gross rent was $14.25 per sf, triple net. Shopping centers housing specialty retailers were quoting twice that rental figure, other area retail brokers tell GlobeSt.com.

By submarket, West Atlanta is showing the highest vacancy at 12%; Buckhead the lowest at 3.5%. Vacancies at other markets are Southwest Atlanta, 11%; Southeast Atlanta, 10.5%; Central Atlanta, 8.5%; Northwest Atlanta, 7.5%; GA 400 North, 7.3%; Northeast Atlanta and East Atlanta, both at 6%; Central Perimeter, 5%.