ATLANTA-After opening its first Atlanta office in February, Franklin Street is on the commercial real estate warpath. The company just moved into a larger office space despite the down market as it continues carving out its niche in the Southeast.
Last week, Franklin Street moved 15 employees from its office in Piedmont Center’s Building 5 to a new, larger facility in the complex. CB Richard Ellis represented the landlord in the 3,100-square foot office lease. The new space can house up to 20 employees. Franklin Street inked a four-year lease there.
“The Piedmont Center is centrally located for our employees and our clients,” Mac McCall, Regional Managing Director of Franklin Street’s Atlanta office, tells GlobeSt.com. “This is a good location for us long-term as we grow out teams. We’ve been very focused on retail in Atlanta. Our next goal is to build out or multifamily team.”
Marcus & Millichap expects the multifamily market in Greater Atlanta to take a positive turn in 2011. With only 4,900 apartment units coming online in 2010 and with an improved economic outlook, the multifamily market has indeed already picked up in the area.
In 2010, vacancy will decline 20 basis points to 12% as easing job growth in the second half slows the momentum set in the first part of the year, according to Marcus & Millichap. By comparison, vacancy rose 140 basis points in 2009.
"Concessions seem to be slowly burning off," Andrew Mays, vice president of Investments and director of the National Multi Housing Group at Marcus & Millichap, tells GlobeSt.com. "I'd say it will be another 18 months before the majority of the concessions are gone. We expect a slow improvement."
Franklin Street is moving fast to build its multifamily broker team to handle the expected velocity in 2011. But Franklin Street isn’t stopping with retail and multifamily. McCall says the company is assembling talented professionals from a cross-section of the commercial real estate industry so the firm can offer clients a deeper knowledge base. Office and industrial are the firm’s next targets for Atlanta.
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