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Coworking Companies Eye Central Perimeter for Suburban Expansion

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CPerimeter_2019

As coworking companies continue to grow, Central Perimeter has been the focus of expansion into suburban markets.

Key Takeaways

  • Central Perimeter experienced its largest loss of occupied space in six years this quarter. The submarket saw a net total of 245,000 square feet vacated in Q2.
  • State Farm's move out of 132,000 square feet of space at North Terraces was the largest vacancy in Atlanta. This is part of the company's consolidation to its new Dunwoody campus. Xerox was the second largest vacancy this quarter, moving out of 102,000 square feet at River Ridge I.
  • As coworking companies continue to grow, Central Perimeter has been the focus of expansion into suburban markets. WeWork recently signed its first lease in the submarket.
  • Despite the down quarter, average rental rates in the submarket managed to increase another 2.2%
  • This year's consolidations will temper overall occupancy gains. Central Perimeter is likely to have an off year in 2019.

2Q19_CentralPerimeter 


2Q19_CPerimeter

Coworking Companies Eye Central Perimeter for Suburban Expansion

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Related Experts

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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