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BOWERS & CO.: OFFICE MARKET RECOVERS “AT A SOLID, STEADY PACE”
By Martin Sinderman
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Wednesday, July 25, 2007 -
“Atlanta’s office market recovery continues at a solid, steady pace,” according to the latest office market report from Richard Bowers & Co. The 129.5 million-square-foot market absorbed nearly 1.3 million square feet during second quarter 2007, “the highest level since the fourth quarter of 2000” the report notes. Buckhead/Lenox led all submarkets at 460,524 square feet, followed by Downtown with 244,940 square feet, Midtown with 155,313 square feet, Northeast Expressway-North at 100,389 square feet, and Northeast Expressway-South at 86,344 square feet. Overall occupancy increased from 83.77 percent to 83.86 percent, according to Bowers & Co., “despite 1,353,023 square feet of new space being delivered in the second quarter, the highest delivered square footage since the fourth quarter of 2001.” The outlook for the remainder of the year continues to be very upbeat, “despite the possibility that BellSouth, now AT&T, will give up some of its leased office space,” the report says, adding “With our favorable economy, continued growth, and market desirability, calendar year 2007 should record the highest annual absorption since 2000.”
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