Office tenants in control for years to come
Good thing we represent Office Tenants, and not Building Owners here in Atlanta. Office tenants in control for years to come was the headline of a recent blog post from the AJC. It is one that I believe an office tenant in Atlanta will continue to hear for the next couple of years. However, the real answer depends on what developers do in the “years to come”. Atlanta developers have been known to have quick trigger fingers, and if you need an example just look to the Buckhead Office Market. 4 brand new speculative office buildings built at about the same time…. If no new office buildings are built in the next 3 – 5 years, and the economy does improve. Then the building owners may be controlling the market due to a lack of new inventory. Either way, it is a great time to be an office tenant in the Atlanta market right now. Period.
Here is a brief excerpt for the above mentioned blog:
Not many businessescan claim to be in the driver’s seat in this economy. But you’d have to search far and wide to find any in more command of the situation than the firms representing large office tenants at a time when landlords are scrambling to pay their bank notes.
“We’re in a position of control like never before,” Michael Colacino, president of Studley, said. “The landlord is [supposed to be] the lord of the land and the tenant is the ant. It’s been inverted now.”
I sat down with Colacino and Clark Dean, a senior exec… To read more, click here
