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| Atlanta Office Space Market - Midtown |
(Reported by)
Jeff Bellamy
Regional Director
Jones Lang LaSalle
jeff.bellamy@am.jll.com
404-995-2221 |
Midtown Submarket Report - 4th Qtr 2011
Effective Rental Rates:
Class A office space: $22.00-$30.00 per SF
Class B office space: $15.00-$20.00 per SF
Class C office space: N/A
Concessions:
All concessions are dependent upon credit worthiness of tenant, length of term, and other concessions structured into the deal.
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Free Rent: One to two months per year of lease term. |
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Tenant Improvement Allowance: T.I. packages are anywhere from $15.00 to $75.00 per square foot. |
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Moving Allowance: Typically rolled into T.I. packages, if any. |
Absorption Rate: 53,524 SF in 4th Qtr. 2011*
Vacancy Rate: 25.1 % in 4th Qtr. 2011*
* Source: Jones Lang LaSalle
New office projects in the area: There has been no speculative office construction here since Selig/Daniel’s 753,000-square-foot 1075 Peachtree tower delivered in early 2010. New development is not expected in the near-term due to the abundance of existing inventory and faltering economic and employment recovery. Although office construction is indefinitely on pause, Daniel Corp. and Selig Enterprises will soon break ground on a 22-story multifamily tower at their 12th & Midtown complex, while Novare Group has a 23-story tower in the works at the corner of Spring and 13th Streets.
Major office leases or announcements: Arnall Golden Gregory renewed 122,000 square feet at Atlantic Station in July and will reconfigure its space to bring additional attorneys on board. It was announced that SunTrust’s Atlanta Bank will be moving into 95,000 square feet at Campanile Plaza when it relocates from a Downtown building that was sold to Georgia State University. 
Other trends in the submarket that should be noted: Midtown has seen modest absorption gains so far this year, but overall, demand remains weak and the pipeline of active net new prospects is thin. For the first quarter of 2012, the submarket is likely to see existing occupiers continue to play musical chairs as the tenant-friendly conditions hold sway. |
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Top 10 Largest Contiguous Blocks of Office Space in Midtown
Top 10 Sublease Blocks of Space in Midtown
Scroll to bottom to view |
| Midtown Premier Office Property Short-List* |
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Colony Square
1175 & 1201 Peachtree Street
RATE:
$24.00
MAX CONTIG:
30,016 SF |
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| Tishman Speyer |
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The Lumberyard
1425 Ellsworth
Industrial Blvd.
RATE:
$16.75 (MG)
MAX CONTIG:
2,900 SF |
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| EpiCity Real Estate Services |
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Midtown Plaza
1349 W Peachtree St NE
RATE:
$23.50 (G)
MAX CONTIG:
23,111 SF |
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| Tishman Speyer |
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1100 Peachtree
1100 Peachtree Street NE
RATE:
$18.00 (N)
MAX CONTIG:
46,000 SF |
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| Cassidy Turley |
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The Proscenium
1170 Peachtree Street
RATE:
$30.00-$32.00
MAX CONTIG:
25,393 SF |
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| Manulife Financial |
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171 17th Street
in ATLANTIC
STATION®
171 17th Street
RATE:
RATE: $18.50-19.50 (N)
MAX CONTIG:
24,829 SF |
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| Cassidy Turley |
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201 17th Street
in ATLANTIC
STATION®
201 17th Street
RATE:
$28.50 (G)
MAX CONTIG:
106,825 SF |
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| CBRE |
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12th & Midtown
1075 Peachtree Street NE
RATE:
$24.00-26.00 (NNN)
MAX CONTIG:
313,895 SF |
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| Daniel Corporation |
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| 5,963 SF |
New |
Dorris & Associates |
Tenant Rep: Michael Lipton & Craig Mendel-Colliers |
08/2011 |
| 140,000 SF |
New |
PriceWaterhouseCoopers |
Tenant Rep: John Schlesinger - CBRE |
01/2011 |
| *Short-List represents featured properties inside Dorey’s Atlanta Office Guide. The Done Deals shown in this Short List are reported to us quarterly as a voluntary effort. It does not represent a comprehensive report of done deals for all Short List properties. |
| Top 10 Largest Contiguous Blocks of Office Space in Midtown |
1. 328,360 SF ......... Midtown Center
2. 313,895 SF ......... 12th & Midtown
3. 229,339 SF ......... Promenade II
4. 205,001 SF ......... Campanile Plaza
5. 181,189 SF ......... Atlantic Center Plaza
6. 172,045 SF ......... 271 17th Street
7. 120,566 SF ......... Ten 10th Street
8. 106,825 SF ......... 201 17th Street
9. 68,393 SF ......... Pershing Point Plaza
10. 66,748 SF ......... One Atlantic Center |
| Top 10 Sublease Blocks of Space in Midtown |
1. 66,748 SF ......... One Atlantic Center – Negotiable
2. 33,884 SF ......... 1575 Northside Dr. Bldg 200 - Thru June 2014
3. 29,000 SF ......... Pershing Point Plaza – Thru Aug. 2014
4. 28,098 SF ......... Pershing Point Plaza – Thru Sep. 2014
5. 25,230 SF ......... The Peachtree Bldg – Thru Dec. 2015
6. 21,965 SF ......... Pershing Point Plaza – Thru Aug. 2014
7. 21,794 SF ......... One Atlantic Center – Negotiable
8. 21,365 SF ......... 201 17th Street – Thru June 2022
9. 20,773 SF ......... The Peachtree Bldg – Thru Dec. 2018
10. 19,976 SF ......... 400 Colony Square – Thru May 2014
Source: Dorey's Office Guide & CoStar Group, Inc. (January 2012).
Methodology: Only existing available spaces as reported to CoStar researchers are included. Proposed/Planned are excluded. Please send Updates/Corrections to CoStar and Dorey. |
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