Best Value Leasing Opportunity for Office Space in the Buckhead Market
Now for the average person in Atlanta, I am sure they are thinking; Buckhead, of course there are good deals in Buckhead. That is a no brainer. Truth be told, there is great opportunity in the Buckhead Office Market right now. The market has over 25% vacancy; there are 4 brand new office towers, with the exception of Two Alliance, that are sitting mostly vacant; historically, this market just doesn’t absorb that much office space in a given year. Consequently, it is going to take some time to bring the vacancy down far enough to warrant a rental rate increase in the Buckhead Office Market. However, despite what you are probably thinking; I am not choosing one of the new office towers as the ’Best Value Opportunity to Lease Office Space in the Buckhead Market.’ In all honesty, if you did want to lease space in one of the new towers, you would still be paying in the low $ 30’s / Square Foot, and you would probably have to lease a full floor (25,000 Square Feet) to make it worth your time as a tenant. Therefore, I am going to highlight an overlooked building in the Buckhead Office Market. (And I say overlooked because this building is usually 100% or close to 100% leased, so not many people think about it.)
In my opinion, the best value for your money right now, in the Buckhead Office Market, is 3405 Piedmont Rd. It is a 5 story office building that sits right on the corner of the Buckhead Loop and Piedmont Rd. The access in and out of the building is one of the best in the submarket. It has a very stable owner, which in this economic climate is important for tenants to seek in a Landlord. 3405 Piedmont won a TOBY award for 2008-2009. The quoted rental rates are between $19.00 – $20.00 / Square Foot, and 3405 Piedmont offers free parking to its tenants. For those of you who don’t know, free parking saves a company between $2.00 – $3.00 / Square Foot, if it pays for employees ’ parking. This building is a great opportunity for a smaller tenant to get a great Buckhead Address for below Buckhead rental rates, and once you are in the building you are likely to never leave. Just ask two of the long standing tenants within the building: Weinstock & Scavo, P.C. and Jenny Pruitt & Associates. Finally an added bonus to the appeal of 3405 Piedmont is because of the building’s great leasing team, which my beautiful wife is a part of….
3405 Piedmont is a great value in the Buckhead Office Market, and if you are in the market for office space ranging from 2,000 Square Feet to 8,500 Square Feet; you should check it out.
