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Buckhead Office Submarket Off to Slow Start in first half of 2019

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It has been a slow start to the year for Buckhead with the submarket absorbing a total of only 13,641 square feet of office space.

Key Takeaways

  • It has been a slow start to the year for Buckhead with the submarket absorbing a total of only 13,641 square feet of office space. For the second quarter, move-ins and move-outs closely matched one another, resulting in a slight gain of only 22,505 square feet.
  • With little to no change between vacancies and occupancies over the past year, Buckhead's overall vacancy rate has held steady at 13.6%
  • One Phipps Plaza officially broke ground this quarter. The building is taking the place of the former Belk location and will contain 340,000 square feet of office space. It is part of an overall redevelopment at Phipps Plaza and should be an attractive availability to potential tenants in the market.
  • Buckhead's Class A rents increased for their 7th consecutive quarter. 
  • Continued strength of office leasing in the submarket should eventually translate into stronger occupancy gains, despite the lackluster start to the year.

 

2Q19_Buckhead


2Q19_Buckhead

Buckhead Office Submarket Off to Slow Start in first half of 2019

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Drew Levine

Senior Vice President, Principal

Atlanta

I am a Senior Vice President in the Occupier Services Group, a Colliers group that exclusively represents tenants. I have successfully advised startups, high-growth, and established companies since 2011. My team delivers customized services on local, national, and global levels that allow companies to make well-informed, profit driven real estate decisions. I have been involved in a wide range of transactions, from small acquisitions for startup companies to campus projects for Fortune 500 companies. Our work has included relocation and expansion projects, consolidations and dispositions, headquarter planning, lease terminations and complete portfolio planning strategies for hundreds of leading technology, professional services, and manufacturing companies. We strive to deliver real estate business solutions that: add measurable value, reduce costs, decrease business operating risks, improve workplace performance, expand flexibility, and increase overall profitability.

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