ATLANTA-In the second quarter of 2010, the Atlanta office market returned to negative absorption after a small amount of positive net absorption in the first quarter. The reason for the change, says Chris Shaner, research director at Wakefield in Atlanta, is the continued presence of downsizing and consolidating in the workplace.
Tenants are still giving space back to the market in response to economic conditions, says Shaner. “We are not seeing expansion as much and most companies which are leasing space today are considering operational efficiencies, such as using smaller offices,” he says. “Also, if there is no job growth, companies don’t need more space, so if they have a floor vacant and they don’t anticipate job growth they will sign smaller leases.”
Atlanta’s economic recovery continued to lag behind the US as a whole in the second quarter as it remained a focal point for bank failures, according to Cushman & Wakefield’s MarketBeat report on Atlanta in second quarter 2010.
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