1Q 2015 | Industrial Market Report | Metro Atlanta

Page 1

Research & Forecast Report

Atlanta

Q1 2015 | Industrial

Atlanta Industrial Vacancy Lowest Since 2001

Market Indicators Relative to prior period

ATL Q1 2015

ATL Q2 2015*

VACANCY

Key Takeaways

NET ABSORPTION

>> Strong absorption activity continues to purge vacancy from Atlanta’s industrial market. The overall industrial vacancy rate is at its lowest point in 14 years.

RENTAL RATE

>> The lack of industrial space options in the market has continued to push rental rates higher. The average quoted rate has increased 12% since bottoming at the end of 2012.

CONSTRUCTION

CAP RATES *Projected

>> Industrial construction in Atlanta increased yet again despite deliveries totaling 1.6 million square feet in first quarter. >> Northeast Atlanta is currently Atlanta’s tightest submarket for bulk warehouse availability. At a vacancy rate of 3.5%, industrial prospects seeking 200,000 SF or more have few existing options. >> Atlanta’s industrial market is likely to see another record year of occupancy gains in 2015.

Atlanta Industrial Market Following a record-breaking year of absorption, Atlanta’s industrial market is off to a strong start to 2015 as occupancy levels increased for an 18th consecutive period. Industrial absorption totaled just over 3.7 million square feet in the first quarter. This amount is right around the average quarterly absorption over the past two years which has contributed to a 4.7% drop in Atlanta’s industrial vacancy rate during the same time. The largest occupancies in the first quarter were mostly from tenants ranging in size between 100,000-200,000 square feet. South Atlanta saw the majority of this type of space user take occupancy resulting in almost 2.4 million square feet being absorbed in the quarter, leading the Atlanta market. All in all, the positive activity pushed Atlanta’s overall industrial vacancy rate to its lowest point in 14 years. The last time vacancy was under 9%, the Atlanta industrial market was 80% of its current inventory. Tenant requirements are

ATL Market

ATL Warehouse

ATL Flex & Shallow-Bay

8.6%

7.9%

11.4%

-0.4%

-0.2%

-0.8%

Absorption

3.7

2.7

1.0

New Construction

1.6

1.6

-

18.1

18.1

-

Average Quoted

$3.77

$3.44

Change From Q4 2014

3.0%

2.1%

Year-Over-Year Change

6.5%

6.8%

Summary Statistics Atlanta Office Market

Vacancy Rate Change From Q4 2014 (Millions Square Feet) (Millions Square Feet)

Under Construction (Millions Square Feet)

Asking Rents

Per Square Foot Per Year SB Flex SB Flex SB Flex

$3.86 $7.84 2.9% 5.2% 7.8% 6.1%


Atlanta Industrial Market (continued) quickly exceeding the supply available in the market. This has been the case over the past couple of years. As it relates to construction activity, Atlanta is 3 to 6 months away from seeing an adequate amount of new supply hit the market in order to keep up with demand. For the first quarter, industrial deliveries totaled 1.6 million square feet, the majority being in build-to-suits. Only one speculative building came online this quarter: IDI Gazeley’s 195,180 square foot building at Hamilton Mill Business Center. According to the latest market intel, this building has already found a tenant to lease all of the space available. This case demonstrates just how much tenant activity is ahead of existing supply. Many industrial projects that began construction as spec developments are now seeing enough activity where the building is over 50% leased or

completely leased upon delivery a few months later. It is a trend many local developers hope continues. A by-product of the positive absorption and diminishing vacancies, the average quoted rental rate for industrial space in Atlanta is at a 6-year high, and increasing by the quarter. Areas seeing the greatest year-overyear rental rate growth include the 85 South/Airport section of South Atlanta and the 85 North/Jackson County section of Northeast Atlanta. These locations have the highest amount of construction activity taking place as well. For the Atlanta market as a whole the amount of industrial space currently in development is 18 million square feet; the largest total since 2006. Breaking this number down, 56% of the total is in spec construction and 44% is in build-to-suits.

UPDATE - Recent Transactions in the Market Notable Leasing Activity Tenant

Property

Submarket

Landlord

Size (SF)

Type

Exel (Bayer)

201 Greenwood Ct.

South Atlanta Ind

TIAA

800,000

Warehouse Lease

Pacific Architects & Engineers

MAC 2-Bldg. 1-4300

South Atlanta Ind

Majestic Realty

471,700

Warehouse Lease

Office Max

Buford Logistics Ctr.

Northeast Atlanta Ind

Panattoni

414,960

Warehouse Lease

DSC Logistics (Cardinal)

874 Thomas Pkwy.

Northeast Atlanta Ind

Pattillo

378,000

Warehouse Lease

IntegraCore

7280 Oakley Industrial

South Atlanta Ind

Exeter Property Group

353,400

Distribution Lease

Notable Sales Activity Property

Submarket

Sales Date

Sale Price

Size (SF)

Price / SF

Buyer

435 Henry D. Robinson Blvd.

Northeast Atlanta Ind

1/15/2015

$15,555,000

398,485

$39.04

DCT Industrial Trust

425 Horizon Dr.

Northeast Atlanta Ind

4/3/2015

$14,450,000

362,026

$39.91

Suzanna’s Kitchen

Oakbrook Portfolio

Northeast Atlanta Ind

2/9/2015

$12,864,000

299,174

$42.99

Agellan Investments

2500 W Park Dr.

Northeast Atlanta Ind

3/13/2015

$12,600,000

758,488

$16.61

Industrial Realty Group

500 Interstate W Pky.

I-20 West/Fulton Ind

3/25/2015

$7,625,000

201,000

$37.94

High Street Realty Co.

8%

5,000,000

6%

0

4%

(5,000,000) (10,000,000)

2

Absorption

Deliveries

Vacancy %

Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International

2014

10,000,000

2013

10%

2012

15,000,000

2011

12%

2010

20,000,000

2009

14%

2008

25,000,000

2007

16%

2006

30,000,000

2005

Square Feet

Historical Absorption, Deliveries and Vacancy Rates

2% 0%


Vacancy & Availability

Q1 2015 | Vacant Space By Type

>> Atlanta’s industrial vacancy rate decreased yet again in the first quarter and is below 9% for the first time since 2001. Year-over-year vacancy is down 2.1%. >> South Atlanta is the 2nd largest industrial submarket in Atlanta and has seen the greatest drop in vacancy from this time last year. Over the past 12 months, 4.3 million square feet of vacant industrial space has been filled here.

warehouse 38,770,578 SF Vcy Rate = 7.9%

>> Large availabilities are few and far between in Atlanta’s most in-demand areas. Currently, there are only 5 existing options for a tenant seeking 500,000 square feet or more in the market.

Flex 8,274,617SF Vcy Rate = 14.3%

>> Despite the addition of new inventory throughout the year, Atlanta’s industrial market will maintain a vacancy rate below 10% in 2015.

Warehouse

>> Industrial absorption was positive for a 15th consecutive quarter. The 3.7 million square feet absorbed was the second highest quarterly amount over the past year.

Rental Rates >> The overall average quoted rate in the Atlanta industrial market is at its highest point in 6 years.

stone mountain

Northwest Atl

Chattahoochee

500,000

snapfinger | I-20E

1,000,000

North Central

1,500,000

I-20W | Fulton Ind

Square Feet

2,000,000

Northeast Atlanta

2,500,000

central atlanta

>> Atlanta’s industrial market will see another record-breaking year of absorption in 2015. It is possible the metro area could lead the nation yet again this year.

Flex

3,000,000

>> Gordon Foods occupying its new 445,000 sq. ft. facility in the I-20 West/Fulton Industrial submarket was the largest move-in of the first quarter. >> The lack of availabilities has somewhat hindered leasing activity for large deals. Nevertheless, demand from all sized tenants remains strong. The most active transactions in first quarter were from tenants ranging between 200,000 to 400,000 square feet, and also small space users occupying less than 100,000 square feet.

Shallow-Bay

Q1 2015 | Net Absorption By Submarket

south Atlanta

Absorption & Leasing Activity

shallow-bay 6,935,107 SF Vcy Rate = 9.2%

0 (500,000)

Q1 2015 | Atlanta Rental Rates Overall Market & Bulk Warehouse* (per sq. ft.) $4.00

>> Average warehouse rents have increased just over 10% from this time last year in the I-20 West/Fulton Industrial submarket. This is the highest in Atlanta.

$3.75 $3.50

>> Because of the continued reduction in industrial vacancy, rental rates are expected to continue trending upwards, even despite new supply coming to the market.

$3.25 $3.00 $2.75

Market AVG

Bulk Warehouse*

*Bulk warehouse defined as warehouse space in excess of 100,000 SF with dock loading and minimum ceiling heights of 24 ft.

Sources: CoStar Property, Colliers Research

3

Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International

2015

2014

2013

2012

$2.50


Construction

Sales Activity

DEFINITIONS

>> The amount of industrial space under construction is at its highest level in nine years.

>> First quarter was somewhat of a quiet period for industrial sales in Atlanta. Only $153 million transacted this quarter which is around half the volume from this time last year.

Absorption (Net)-The net change in

>> Upcoming spec deliveries should help ease the current limitations of available space - at least for some prospects. >> Even more projects are expected to break ground next quarter.

>> Investor demand is expected to pick up going forward as positive fundamentals make Atlanta industrial favorable.

Construction Activity (400,000 SF+) Property

Submarket

Size (SF)

Kroger-Fort Gillem, Hood Ave.

South Atlanta Ind

1,300,000

Third Quarter 2015

MAC IV-Bldg. 1-Walmart BTS

South Atlanta Ind

1,219,500

Second Quarter 2015

Fairburn Logistics Center

South Atlanta Ind

1,129,750

Fourth Quarter 2015

Braselton Commerce Center

Northeast Atlanta Ind

1,074,596

Third Quarter 2015

MAC IV-Bldg. 2

South Atlanta Ind

1,042,000

Third Quarter 2015

Highland 75 BTS-Surya Carpets

Northwest Atlanta Ind

1,036,000

Third Quarter 2015

Stanton Springs-Baxter Pharm.

Snapfinger/I-20E Ind

1,000,000

Second Quarter 2015

Vacancy Rate-A percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Bulk

Warehouse-A type of building designed to be used for bulk storage or materials, distribution or heavy manufacturing. Typically has a small amount of office space, ceiling heights of 24’ and bay depths of over 190’.

Delivery Date

Jefferson Distribution Ctr.-B

Northeast Atlanta Ind

839,712

Second Quarter 2015

Lambert Farms DC-Phase I

South Atlanta Ind

752,590

Third Quarter 2015

Shaw Industries-Highway 140

Northwest Atlanta Ind

750,000

Fourth Quater 2015

River West Distribution Center

I-20W/Fulton Ind

733,000

Second Quarter 2015

Reckitt Benckiser BTS

Northeast Atlanta Ind

714,965

Third Quarter 2015

McMaster-Carr BTS - Riverside

I-20W/Fulton Ind

700,000

Second Quarter 2015

ES3-Fort Gillem, Hood Ave.

South Atlanta Ind

700,000

Third Quarter 2015

Braselton Distribution Center

Northeast Atlanta Ind

635,440

Third Quarter 2015

4909 N Commerce

South Atlanta Ind

614,880

Fourth Quarter 2015

Skyline-7875 White Rd.

I-20W/Fulton Ind

604,852

Third Quarter 2015

Cass White Rd.-Beaulieu BTS

Northwest Atlanta Ind

500,000

Third Quarter 2015

Buford Logistics Center

Northeast Atlanta

414,960

Second Quarter 2015

Outlook Heading into the second quarter there appears to be no letup in the positive industrial momentum taking place in the Atlanta market, despite the lack of availabilities inhibiting some leasing activity. Occupancy levels will increase yet again next quarter as industrial absorption is expected to exceed the 3.7 million square feet filled in the first quarter. The majority of this amount will come from build-to-suit deliveries including Walmart’s e-commerce warehouse in South Atlanta, Baxter Pharmaceuticals manufacturing facility out I-20 East, and McMaster-Carr’s e-commerce facility in the I-20 West submarket. Despite these deliveries, and also the projected addition of 2.5 million square feet in spec industrial inventory, the overall vacancy rate in Atlanta’s industrial market is expected to decline yet again by mid-year 2015. As mentioned earlier, a number of spec developments already have leasing transactions lined up and will deliver to the market either partially or completely occupied. Atlanta the nation in industrial absorption for 2014. Given the current state of the market and factoring in the amount of space to be filled over the next 9 months, it is quite possible the metro area will achieve this feat for a second straight year.

4

occupied space over a given period of time, calculated by summing all the positive changes in occupancy and subtracting all the negative changes in occupancy.

Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International

Shallow-Bay Distribution-A type of building designed to be used for the distribution of materials or as a medium-sized manufacturing facility. Typically has 10%-30% of office, ceiling heights of 18’-24’ and bay depths of 120’-190’. Flex-A type of building designed to be versatile, which may be used in combination with office, R&D, quasi-retail sales and industrial warehouse and distribution uses. Typically has at least 50% office and ceiling heights under 18’. Leasing Activity-The volume of square footage that is committed to and signed for under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity for buildings under construction or planned. Build-To-Suit-A term describing property that was developed specifically for a certain tenant to occupy. Can be either leased or owned by tenant.


Atlanta Industrial Market Update

CLASS

BlDGS

Existing Properties Existing Inventory (SF)

Vacancy Direct VCY %

SUBLET VCY %

Absorption

Total Vacancy (SF)

VCY Curr Qtr %

VCY Prior Qtr %

Net ABsorp CURR (SF)

Net ABSORP YTD (SF)

Deliveries New SUPPLY CURR (SF)

New SUPPLY yTD (SF)

U/C

Rent

Under Constr (SF)

AVG Rent Rate

CENTRAL ATLANTA IND. Flex 86 Shallow-Bay 37 Warehouse 252 Total 375

2,319,615 1,290,958 11,560,822 15,171,395

6.7% 6.0% 11.8% 10.5%

0.2% 0.0%

158,709 77,152 1,364,788 1,600,649

6.8% 6.0% 11.8% 10.6%

7.6% 6.0% 12.2% 10.9%

16,500 208 42,201 58,909

16,500 208 42,201 58,909

-

-

-

$9.15 $2.03 $4.69 $4.49

CHATTAHOOCHEE IND. Flex 105 Shallow-Bay 27 Warehouse 352 Total 484

3,687,464 922,849 16,768,759 21,379,072

21.3% 5.2% 7.7%

0.0% 0.0%

783,677 871,014 1,654,691

21.3% 0.0% 5.2% 7.7%

21.0% 0.0% 5.0% 7.5%

(7,832) (39,025) (46,857)

(7,832) (39,025) (46,857)

-

-

-

$8.51 $4.00 $6.23 $6.47

I-20 W / FULTON IND. Flex 104 Shallow-Bay 214 Warehouse 814 Total 1,132

3,268,622 12,240,085 77,417,895 92,926,602

12.2% 9.2% 8.8% 9.0%

0.2% 0.2% 0.2%

398,672 1,157,384 6,954,362 8,510,418

12.2% 9.5% 9.0% 9.2%

12.4% 10.2% 8.7% 9.0%

6,988 95,187 225,112 327,287

6,988 95,187 225,112 327,287

NORTH CENTRAL ATLANTA IND. Flex 262 8,702,702 Shallow-Bay 115 4,533,609 Warehouse 397 15,586,957 Total 774 28,823,268

15.8% 5.1% 7.2% 9.5%

0.1% 0.1% 0.7% 0.4%

1,381,895 234,441 1,226,590 2,842,926

15.9% 5.2% 7.9% 9.9%

17.1% 5.4% 8.5% 10.6%

103,979 8,928 96,528 209,435

103,979 8,928 96,528 209,435

NORTHEAST ATLANTA IND. Flex 652 18,872,768 Shallow-Bay 459 22,465,214 Warehouse 1,733 135,230,166 Total 2,844 176,568,148

15.8% 9.4% 5.9% 7.4%

0.3% 0.1% 0.4% 0.4%

3,032,018 2,145,059 8,569,395 13,746,472

16.1% 9.5% 6.3% 7.8%

15.3% 10.6% 6.6% 8.1%

(147,418) 230,851 936,553 1,019,986

(147,418) 230,851 936,553 1,019,986

NORTHWEST ATLANTA IND. Flex 295 9,088,696 Shallow-Bay 215 9,149,314 Warehouse 849 45,314,733 Total 1,359 63,552,743

11.6% 10.0% 6.1% 7.4%

0.3% 0.4% 0.0% 0.1%

1,082,454 951,555 2,755,027 4,789,036

11.9% 10.4% 6.1% 7.5%

12.1% 10.3% 5.9% 7.4%

19,586 (8,795) (83,937) (73,146)

19,586 (8,795) (83,937) (73,146)

-

SNAPFINGER / I-20 EAST IND. Flex 114 2,865,597 Shallow-Bay 104 4,687,842 Warehouse 451 38,304,159 Total 669 45,857,598

6.5% 7.9% 9.3% 9.0%

1.6% 0.2%

184,885 444,425 3,553,560 4,182,870

6.5% 9.5% 9.3% 9.1%

6.5% 9.5% 9.2% 9.0%

187 (700) (39,544) (40,057)

187 (700) (39,544) (40,057)

-

5,469,570 13,136,175 134,341,375 152,947,120

11.5% 11.2% 8.6% 8.9%

0.4% 0.3%

629,696 1,464,878 11,968,847 14,063,421

11.5% 11.2% 8.9% 9.2%

11.3% 16.0% 9.9% 10.5%

(12,539) 637,288 1,771,115 2,395,864

(12,539) 637,288 1,771,115 2,395,864

3,475,499 6,847,358 16,588,862 26,911,719

17.9% 6.7% 9.0% 9.6%

0.1% 0.00

622,611 460,213 1,506,995 2,589,819

17.9% 6.7% 9.1% 9.6%

19.6% 7.3% 7.8% 9.2%

57,851 39,056 (216,664) (119,757)

57,851 39,056 (216,664) (119,757)

14.2% 9.0% 7.6% 8.4%

0.2% 0.2% 0.3% 0.2%

8,274,617 6,935,107 38,770,578 53,980,302

14.3% 9.2% 7.9% 8.6%

14.4% 10.5% 8.1% 9.0%

37,302 1,002,023 2,692,339 3,731,664

37,302 1,002,023 2,692,339 3,731,664

1,588,172 1,588,172

1,588,172 1,588,172

18,099,209 18,099,209

$7.84 $3.86 $3.44 $3.77

0.2% 0.2% 0.2% 0.2% 0.3%

53,980,302 56,123,794 63,563,323 64,405,547 66,490,686

8.6% 9.0% 10.2% 10.4% 10.7%

9.0% 10.2% 10.4% 10.7% 11.9%

3,731,664 9,718,291 1,913,349 2,581,869 7,355,764

3,731,664 21,569,273 11,850,982 9,937,633 7,355,764

1,588,172 2,278,762 1,071,125 496,730 593,622

1,588,172 4,440,239 2,161,477 1,090,352 593,622

18,099,209 16,237,082 12,920,602 6,030,753 6,215,883

$3.77 $3.66 $3.63 $3.58 $3.54

SOUTH ATLANTA IND. Flex 237 Shallow-Bay 210 Warehouse 1,216 Total 1,663 STONE MOUNTAIN IND. Flex 134 Shallow-Bay 164 Warehouse 310 Total 608

ATLANTA MARKET GRAND TOTAL

Flex Shallow-Bay Warehouse Total

1,989 1,545 6,374 9,908

57,750,533 75,273,404 491,113,728 624,137,665

511,800 511,800

-

573,180 573,180

503,192 503,192

-

511,800 511,800

-

573,180 573,180

2,548,452 2,548,452

-

$3.75 $3.18 $3.27 $3.26

$10.30 $5.87 $5.64 $8.37

4,514,517 4,514,517

$6.77 $4.50 $3.79 $4.13

-

2,590,000 2,590,000

$8.09 $4.65 $4.40 $5.02

-

1,000,000 1,000,000

$7.10 $2.78 $3.16 $3.28

7,446,240 7,446,240

$6.88 $2.84 $2.96 $3.00

503,192 503,192

-

-

$8.10 $3.95 $3.11 $3.80

Quarterly Comparisons and Totals

QUARTERLY COMPARISON AND TOTALS Q1-15 9,908 624,137,665 Q4-14 9,899 622,549,493 Q3-14 9,895 620,270,731 Q2-14 9,892 619,199,606 Q1-14 9,891 618,702,876

8.4% 8.8% 10.0% 10.2% 10.4%

NOTE: Statistical Set Includes All Industrial Properties 10,000 SF and Up, Excluding Heavy Manufacturing Properties. While CoStar Attempts to Provide the Most Accurate Data at the End of Every Quarter, Revisions are Made Throughout the Year Accounting for Discrepancies in Past Reporting.

5

Sources: CoStar Property, Colliers Research

Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International


PICKENS CO. CHEROKEE CO.

Atlanta Industrial Submarkets

DAWSON CO. FORSYTH CO.

Canton

FO RS FU

H YT O LT

Mountain Park

CHEROKEE CO.

Acworth

Sugar

NORTH CENTRAL ATLANTA

Woodstock BARTOW CO.

Buford

N

Alpharetta

CO BB FU LT CO O . N CO .

DORAVILLE

Norcross

ho

h oc

CENTRAL ATLANTA

Avondale Estates

SNAPFINGER I-20 EAST

I-20 WEST / FULTON INDUSTRIAL EAST POINT COLLEGE PARK HAPEVILLE

DEKALB

Hartsfield-Jackson International Airport

Fairburn

FULTON CO. COWETA CO.

Palmetto

O. ON C FULT CO. TTE FAYE

675

HENRY

CO. CO.

CO .

Lithonia

FOREST PARK Riverdale

Stockbridge

SOUTH ATLANTA Jonesboro

Submarket Size & Occupancy Conyers Covington Submarket

Size

Occupancy %

Northeast Atlanta

176.6 msf

92.2%

South Atlanta

152.9 msf

90.8%

I-20 West/Fulton Ind

92.9 msf

90.8%

Northwest Atlanta

63.6 msf

92.5%

McDonough

Snapfinger/I-20 East

45.9 msf

90.9%

North Central Atlanta

28.8 msf

90.1%

Stone Mountain

26.9 msf

90.4%

Chattahoochee Ind

21.4 msf

92.3%

Central Atlanta

15.2 msf

89.4%

Newnan

BU TT S

CO .

HENRY CO. CLAYTON CO.

Fayetteville

W AL TO N

RO C NE KDA WT LE ON CO CO . .

CLAYTON CO.

Union City

The Atlanta industrial market consists of nine submarkets. They include Central Atlanta, Chattahoochee Industrial, I-20 West/Fulton Industrial, North Central Atlanta, Northeast Atlanta, Northwest Atlanta, Snapfinger/I-20 East, South Atlanta and Stone Mountain Industrial. The major interstates in the region include: I-75, I-85, I-285, I-575, I-985, I-675 and I-20. Georgia 400 and US 316 also play important roles to Atlanta’s transportation system.

STONE MOUNTAIN Stone Clarkston INDUSTRIAL Mountain

DECATUR

tt ha

INdustrial Submarkets

Snellville

CO .

ATLANTA

ac

C

GW I DE NNE KA TT LB C CO O. .

G W IN NE TT

er iv

ee

R

PAULDING CO.

DEKALB CO. FULTON CO.

CHATTAHOOCHEE INDUSTRIAL

Douglasville

Duluth

316

SMYRNA

Austell

NORTHEAST ATLANTA

Lawrenceville

CHAMBLEE

COBB CO. DOUGLAS CO.

Braselton

e hooch e tac

Roswell

MARIETTA

Powder Springs

CO . CO .

Cha t

PAULDING CO. COBB CO.

NORTHWEST ATLANTA

HA GW LL C IN O Hill NETT C . O.

Rive r

Allatona Lake

Emerson

Lake Lanier

FULTON CO. F FORSYTH CO. F

Cartersville

DE KAL RO BC CK O. DA LE CO .

BARTOW CO. CHEROKEE CO.

GAINESVILLE Cumming

CHEROKEE CO.

Peachtree City

FOR MORE INFORMATION Scott Amoson VP, Director of Research | Atlanta +1 404 877 9286 scott.amoson@colliers.com

Jon Barry COO, Principal | Atlanta +1 404 888 9000 jon.barry@colliers.com

Copyright © 2015 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

6

Colliers International | Atlanta Promenade | Suite 800 1230 Peachtree Street, NE Atlanta, Georgia, 30309 +1 404 888 9000 colliers.com/atlanta

North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International


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