Downtown Atlanta’s 4th Quarter Office Market Report
Here in my office at Colliers International, we have one of the best research departments in all of Atlanta. Scott Amoson does a great job with both the Atlanta Office Market Report and the Atlanta Submarket Office Reports. Below is an excerpt of the Downtown Atlanta 4th Quarter Office Market Report.
Downtown’s occupancy decreased by 139,623 SF in the fourth quarter mostly due to AT&T vacating 250 Williams Street. The loss of occupied space resulted in a negative year of absorption for the submarket.
Two large office renewals recently occurred in the Downtown submarket. Bank of America renewed for 160,000 SF at the office which carries its namesake, and KPMG renewed for 150,000 SF at SunTrust Plaza. These deals assure Downtown will not be losing two of its largest tenants to new buildings in Buckhead and Midtown.
Heading into 2010, Downtown maintains a steady position in the Atlanta office market. Modest absorption is expected in the submarket.
The Atlanta Development Authority is commissioning a feasibility study for redevelopment of 100-acres located between the Georgia World Congress Center and Georgia Tech to be a bioscience corridor in the city. Expanding off of Technology Enterprise Park, the project would include a mixed-use development containing light manufacturing, R&D buildings, office, retail and housing. Thousands of high-tech jobs would be created by the project. In addition, redevelopment of the area would provide a much needed boost to the city’s ability to draw-in large bioscience and technology companies. The six-month study is expected to begin in February.
Development of a multi-modal transit terminal located on property known as the “Gulch” between CNN/Philips Arena and the Five Points MARTA station will be opened up to private developers according to the Atlanta Journal-Constitution. The Georgia Department of Transportation hopes to find private dollars to help fund the project to be redeveloped for a terminal connecting light-rail, commuter rail, commuter buses and inter-city rail. It would be the second public-private program for the GDOT.
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