Office Space News
Atlanta Office Space Yearns for Renters
Published July 13th, 2010 by Jennifer LeClaire
We’ve been looking at the market for office space in various parts of the country. The city up next in our series is Atlanta. Atlanta is a hotbed for serviced office space, but the office market there is suffering just like the most of the rest of the nation’s major metropolitan areas.
According to Cushman & Wakefield’s Second Quarter 2010 Atlanta Office and Industrial Market reports, the market for office space in the Peach State is a mixed bag. On the one hand, Atlanta’s office market posted negative overall absorption in the second quarter, which wiped out net occupancy gains in the first quarter. Specifically, Atlanta reports 155,584 square feet of negative overall absorption for 2010.
Looking to the bright side, Atlanta saw deal velocity maintain a healthy pace. Office building owners in Atlanta have leased 4.1 million square feet in 2010. The vacancy rate there is fairly high at 21.2 percent, but vacancies have at least remained stable. Atlanta building owners have stopped the bleeding, at least for now. But rental rates are sinking.
So what does the market for executive office suites in Atlanta look like? Regus has a stronghold in Atlanta, but it’s a healthy serviced office market with plenty of competitors large and small. Here’s a list of some of the players on Atlanta’s serviced office scene that stand out the most:
- Crowne Office Suites
- Office Suites PLUS
- Regus
- HQ Global Workplaces
- Executarial Services
- Novare Perimeter
- Trident Executive Suites
- Synergy Workplaces
- Corporate Office Centers
- Intelligent Office
- Executive Suites Atlanta
- Star Office Space
- Dunwoody Park Executive Suites
- Ignition Alley
- Buckhead Midtown Office Suites
- Grace Executive Suites
- McCobb Office Suites
- Melaver Executive Suites
The list just goes on and on in the Atlanta region. Some of those places, like Regus, HQ, Office Suites Plus and Corporate Office Centers, even have multiple locations there. (I threw in Ignition Alley, which is a coworking facility you may want to check out if you aren’t quite into the corporate scene.) Oh, and Synergy Workplaces is now Carr Workplaces. Carr acquired Synergy last year and rebranded the sites.
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Bill Brookshire July 13th, 2010 at 12:08 pm
Another good report. I was waiting for you to get around the the Atlanta office space scene. And you are right, the list of executive office suites providers there is long indeed. I wonder what attracts so many different players to Atlanta. It’s not any more high profile than other major metros. I do know they have the busiest airport in the country there. Maybe that has something to do with it.
Elizabeth Sanchez July 13th, 2010 at 12:21 pm
Wow. That is a long list of executive suites providers. I see all the big names are there… I bet this isn’t even an exhaustive list, either, because some of the one-offs probably aren’t that well publicized. (I’m assuming you did a director search to find these.) I am actually surprised that the Atlanta market of office space is so beat up, though. I guess when it rains it pours.