Research & Forecast Report
Atlanta
Q1 2015 | Office
New Year Begins, Positive Results Continue in Atlanta
Market Indicators Relative to prior period
ATL Q1 2015
ATL Q2 2015*
-
-
VACANCY
Key Takeaways >> The overall occupancy level for Atlanta’s office market is at its highest point in six years. >> Leasing activity continues at a robust pace in Atlanta. Key transactions this quarter in the Central Perimeter and Buckhead submarkets have further tightened office availabilities here.
NET ABSORPTION CONSTRUCTION RENTAL RATE CAP RATES *Projected
>> The Cumberland-Galleria area of the Northwest Atlanta submarket has emerged as the frontrunner for Atlanta’s next office tower to break ground. >> Limited development activity will continue pushing some asking rents to their highest levels ever in Atlanta’s history.
Summary Statistics Atlanta Office Market
ATL Market
ATL Class A
ATL Class B
>> Like last year, 2015 is poised to be one of Atlanta’s strongest performing years for office.
Vacancy Rate
15.6%
14.8%
16.5%
Atlanta Office Market
Change From Q4 2014
-0.2%
-0.3%
-0.1%
Steady and consistent occupancy gains persist in Atlanta’s office market as just over 640,000 square feet of space was absorbed in the first quarter of the year. In somewhat of a twist, the submarkets seeing most of the positive activity this quarter were not the typical stalwarts of Central Perimeter and Buckhead. Instead, the bulk of the absorption occurred in Midtown, Northwest Atlanta and South Atlanta. Ponce City Market was the anchor to Midtown’s market-leading occupancy gain. Approximately 33% of Atlanta’s net absorption this quarter took place in the recently delivered office building. Notable moveins include MailChimp and Cardlytics. To date, the office portion of Ponce City is almost 100% leased. Elsewhere, Midtown benefitted from previously signed leases which are now taking occupancy. For Northwest Atlanta, the Cumberland-Galleria area of the submarket is beginning to see momentum shift in its favor following a tepid 2014.
Absorption
644
547
108
New Construction
200
200
-
Under Construction
1.7
1.7
-
$20.01
$23.98
$16.36
Change From Q4 2014
1.2%
1.4%
1.5%
Year-Over-Year Change
4.1%
6.3%
3.8%
(Thousands Square Feet) (Thousands Square Feet) (Millions Square Feet)
Asking Rents
Per Square Foot Per Year
Average Quoted
Atlanta Office Market (continued) Allstate’s relocation to The Towers at Wildwood was the largest move-in for the area; however, the insurance company relocated within the submarket leaving almost the same amount of vacant space on the market as it moved into. Nevertheless, occupancies by DS Waters, Greenway Health and Aaron’s helped propel Northwest Atlanta to 127,000 square feet in total net absorption for the first quarter, the third highest in Atlanta. The second highest amount of office space absorbed in the market occurred in South Atlanta which is not usually known for such an achievement. The driving factor to the submarket’s best quarter in 13 years was the delivery of Porsche’s new North American headquarters in the Aerotropolis development adjacent to the airport. The addition of the new facility
and its test track experience is hoped to be a catalyst to more office growth in the airport area. On the whole, the positive first quarter resulted in yet another drop in Atlanta’s overall vacancy rate; the 12th consecutive quarterly decline. Additionally, demand and supply fundamentals continue to benefit Atlanta’s office landlords. One example being the average rental rate which continues trending upwards and is above $20/sf for the first time since the third quarter of 2010. With the delivery of Porsche’s headquarters, the amount of office space under construction decreased from the previous quarter. As vacancies fill up and demand remains strong, the likelihood of new office buildings breaking ground in the near future remains very high.
UPDATE - Recent Transactions in the Market Notable Leasing Activity Tenant
Property
Submarket
Landlord
Size (SF)
Type
Comcast
One Ballpark Center
Northwest Atlanta
Atlanta Braves
250,000
Class A Lease
SITA
Cumberland Center II
Northwest Atlanta
Crocker Partners
156,164
Class A Renewal & Contraction
Mercedes-Benz
Sterling Pointe II
Central Perimeter
Rubenstein Partners
89,910
Class A Lease
Comcast
6200 The Corners Pky.
Northeast Atlanta
Wells Real Estate Funds
87,777
Class A Lease
RentPath
Atlanta Plaza One
Buckhead
CBRE Global Investors
74,766
Class A Lease
Notable Sales Activity Property
Submarket
Sales Date
Sale Price
Size (SF)
Price / SF
Buyer
One Buckhead Plaza
Buckhead
1/8/2015
$154,000,000
461,669
$340.07
Parkway Properties
The Pinnacle
Buckhead
1/15/2015
$148,000,000
424,350
$348.77
The Brookdale Group
Two Live Oak
Buckhead
1/15/2015
$53,000,000
286,648
$184.90
The Brookdale Group
Lakeside Office Park
Central Perimeter
2/12/2015
$40,500,000
106,314
$101.53
Crocker Partners
200 Ashford Center North
Central Perimeter
2/17/2015
$20,000,000
157,317
$127.13
Parmenter Realty Prtnrs.
2
20% 15%
Absorption
Deliveries
Research & Forecast Report | Q1 2015 | Atlanta Office | Colliers International
Vacancy %
2015
2014
2013
2012
2011
2010
2009
2008
10% 2007
5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 (1,000,000) (2,000,000) (3,000,000) (4,000,000)
2006
Square Feet
Historical Absorption, Deliveries and Vacancy Rates
5% 0%
Vacancy & Availability
Q1 2015 | Vacant Space By Type
>> The overall vacancy rate for Atlanta’s office market dropped 20 basis points from the end of last year. Year-over-year this figure is down 90 basis points. >> Midtown saw the biggest drop in vacancy during the quarter declining 110 basis points to 15% overall. >> Currently there are 23 Class A buildings that can accommodate a tenant seeking 100,000 SF or more of contiguous space. The majority of these spaces are in Downtown and Northwest Atlanta.
class a 16,610,646 SF Vcy Rate = 14.8%
class C 3,436,847 SF Vcy Rate = 16.6%
>> Anticipated absorption along with steady leasing through the remainder of the year will continue to push vacancy rates downwards. Class A
Absorption & Leasing Activity
>> The office market in Atlanta is expected to see another 3 million square feet of office space absorbed in 2015.
Rental Rates >> The overall average rental rate for office in Atlanta increased for a sixth consecutive quarter. Class A rates have the seen the largest year-over-year increase at 6.3%.
0 (50,000) (100,000)
Q1 2015 | Atlanta Rental Rates Overall Market & Class A (per sq. ft.) $25.00 $24.00 $23.00 $22.00 $21.00 $20.00 $19.00 $18.00 $17.00
>> Core assets and new developments in Buckhead are quoting some of the highest rental rates ever in Atlanta’s history. The submarket’s Class A average rental rate is the highest it has ever been.
Class A
Market AVG
Sources: CoStar Property, Colliers Research
Research & Forecast Report | Q1 2015 | Atlanta Office | Colliers International
2015
2014
2012
2013
>> With new supply in check and space options tightening, the trend for office rents is to continue moving upwards.
3
Downtown
Central Perimeter
Northlake
50,000
West Atlanta
Northeast ATlanta
Buckhead
100,000
North Fulton
150,000
Northwest Atlanta
200,000
South Atlanta
250,000
Square Feet
>> First quarter office leasing was extensive in Atlanta with major announcements by Mercedes-Benz, NCR, Synovus Bank and Comcast dominating the headlines. Midtown and Northwest Atlanta have emerged as highly active submarkets.
Class C
300,000
>> Move-ins at Ponce City Market accounted for 33% of Atlanta’s positive office absorption this quarter. >> Porsche’s move to its new North American headquarters in South Atlanta was the largest occupancy in the first quarter. The company’s relocation from Central Perimeter was the main reason the submarket experienced negative absorption this quarter.
Class B
Q1 2015 | Net Absorption By Submarket
Midtown
>> Office absorption was steady in the first quarter. Both the Class A and Class B property sectors saw an increase in occupancy.
class B 14,564,877 SF Vcy Rate = 16.5%
Construction
Investment Activity
DEFINITIONS
>> No new office buildings broke ground in first quarter. Porsche’s headquarters was the only delivery in the quarter.
>> Over $570 million in transaction volume occurred in Atlanta’s office market this quarter.
Absorption (Net)-The net change in
>> A number of office buildings are expected to begin construction soon. These include Mercedes-Benz headquarters, a new office tower at the Atlanta Braves’ new stadium where Comcast will lease space, and a new office building in Midtown which will be anchored by Georgia Tech.
>> The largest office transaction was a package deal in Buckhead including The Pinnacle and Two Live Oak. TIAA-CREF sold this portfolio to The Brookdale Group for $201 million.
>> Atlanta’s favorable market conditions could lead to more speculative office construction in the near future. A few developers are close to pulling the trigger on their projects.
>> A few significant office transactions are currently under contract and expected to close in the coming months. Concourse Office Park will be the most notable of these and could sell for $500 million.
Construction Activity (100,000 SF+) Property
Submarket
Size (SF)
Delivery Date
State Farm Campus - Phase I
Central Perimeter
585,000
Fourth Quarter 2016
Cox HQ - P’tree Dunwoody Rd.
Central Perimeter
578,000
Third Quarter 2015
Three Alliance Center
Buckhead
500,000
Third Quarter 2016
Outlook Over the past couple of years, Atlanta’s quarterly office absorption has averaged just over 735,000 square feet. The start of 2015 is almost in line with this figure meaning the Atlanta office market is on track for yet another strong year of occupancy gains. As it relates to overall activity in the market, the metro area experienced one of its most buzz-worthy quarters. From the outset of the year, major announcements by Mercedes-Benz, NCR, Synovus Bank, and Comcast have given the Atlanta office market a huge confidence boost. Meanwhile, as these announcements were grabbing headlines, leasing activity continued at a brisk pace. Office lease transactions totaled over 2.5 million square feet in the first quarter. The Atlanta market finds itself in unfamiliar territory as strong demand is taking available space off-market while new supply is limited to build-to-suits and only one spec office tower under construction. Considering possible hindrances to the positive growth taking shape, the lack of available space options could impede the progress being made. The solution to this limitation is to build. In fact, when looking at the large announcements mentioned, each one of the transactions will involve construction of new office space to satisfy the requirement. Regardless of the situation, it bodes well for the market as a whole when vacancies fill up: less space available means increased rental rates and higher occupancy levels. Looking ahead to the remainder of the year, Atlanta will continue to see a thriving office market. Absorption is anticipated to reach 3 million square feet for a second straight year which will lead to the lowest office vacancy rate for Atlanta in eight years. Additionally, average rental rates are expected to continue climbing, much to the delight of landlords and investors. A few properties are already quoting some of the highest asking rental rates ever in Atlanta’s history.
4
Research & Forecast Report | Q1 2015 | Atlanta Office | Colliers International
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.
Vacancy Rate-A percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Vacant Space-Space that is not currently occupied by a tenant, regardless of any lease obligation on the space.
Sublease Space-Space that has been
leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation.
Deliveries-Buildings that complete construction during a specified period of time. A certificate of occupancy must have been issued for the property for it to be considered delivered. 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 the tenant.
Atlanta Office Market Update Vacancy
Existing Inventory (SF)
Direct Vacancy (SF)
Direct VCY %
DOWNTOWN A 28 B 81 C 74 Total 183
14,927,682 8,792,876 3,797,469 27,518,027
2,683,649 956,151 884,412 4,524,212
18.0% 10.9% 23.3% 16.4%
MIDTOWN A B C Total
40 96 34 170
16,086,912 5,632,544 817,104 22,536,560
2,519,194 662,081 37,992 3,219,267
BUCKHEAD A B C Total
49 55 41 145
16,045,276 4,179,955 993,757 21,218,988
URBAN TOTAL A 117 B 232 C 149 Total 498
Sublet Vacancy (SF)
Absorption
SUBLET VCY %
Total Vacancy (SF)
58,785 1,310 2,260 62,355
0.4% 0.0% 0.1% 0.2%
2,742,434 957,461 886,672 4,586,567
15.7% 11.8% 4.6% 14.3%
150,065 14,766 164,831
0.9% 0.3% 0.7%
2,318,066 386,804 75,454 2,780,324
14.4% 9.3% 7.6% 13.1%
78,704 6,639 85,343
47,059,870 18,605,375 5,608,330 71,273,575
7,520,909 2,005,036 997,858 10,523,803
16.0% 10.8% 17.8% 14.8%
CENTRAL PERIMETER A 71 20,228,145 B 142 7,275,009 C 90 1,558,918 Total 303 29,062,072
2,001,367 1,515,111 285,761 3,802,239
NORTH FULTON A 101 B 320 C 68 Total 489
15,538,095 11,369,118 1,139,580 28,046,793
VCY Curr Qtr %
Deliveries New SUPPLY CURR (SF)
New SUPPLY yTD (SF)
U/C Rent
VCY Prior Qtr %
Net ABsorp CURR (SF)
Net ABSORP YTD (SF)
18.4% 10.9% 23.3% 16.7%
18.6% 10.1% 22.3% 16.4%
29,408 (65,817) (38,152) (74,561)
29,408 (65,817) (38,152) (74,561)
-
-
-
$19.11 $16.38 $16.71 $18.57
2,669,259 676,847 37,992 3,384,098
16.6% 12.0% 4.6% 15.0%
18.0% 12.4% 5.0% 16.1%
228,359 20,595 3,040 251,994
228,359 20,595 3,040 251,994
-
-
-
$27.12 $18.47 $19.33 $24.38
0.5% 0.2% 0.4%
2,396,770 393,443 75,454 2,865,667
14.9% 9.4% 7.6% 13.5%
15.1% 10.3% 6.5% 13.7%
24,415 37,320 (10,893) 50,842
24,415 37,320 (10,893) 50,842
-
-
500,000 500,000
$30.67 $20.31 $18.21 $28.50
287,554 22,715 2,260 312,529
0.6% 0.1% 0.0% 0.4%
7,808,463 2,027,751 1,000,118 10,836,332
16.6% 10.9% 17.8% 15.2%
17.2% 10.9% 17.0% 15.5%
282,182 (7,902) (46,005) 228,275
282,182 (7,902) (46,005) 228,275
-
-
500,000 500,000
$25.63 $18.39 $18.08 $23.82
9.9% 20.8% 18.3% 13.1%
182,637 50,184 232,821
0.9% 0.7% 0.8%
2,184,004 1,565,295 285,761 4,035,060
10.8% 21.5% 18.3% 13.9%
10.4% 21.9% 18.0% 13.7%
(84,886) 27,696 (5,507) (62,697)
(84,886) 27,696 (5,507) (62,697)
-
-
1,190,604 1,190,604
$26.13 $19.49 $12.98 $22.79
2,178,582 1,597,011 113,769 3,889,362
14.0% 14.0% 10.0% 13.9%
111,277 59,430 170,707
0.7% 0.5% 0.6%
2,289,859 1,656,441 113,769 4,060,069
14.7% 14.6% 10.0% 14.5%
15.6% 14.0% 10.3% 14.7%
135,187 (66,952) 3,065 71,300
135,187 (66,952) 3,065 71,300
-
-
-
$21.97 $15.47 $14.17 $18.72
NORTHEAST ATLANTA A 59 7,892,303 B 403 13,634,089 C 126 2,197,068 Total 588 23,723,460
1,261,831 3,072,459 296,185 4,630,475
16.0% 22.5% 13.5% 19.5%
26,463 52,287 78,750
0.3% 0.4% 0.3%
1,288,294 3,124,746 296,185 4,709,225
16.3% 22.9% 13.5% 19.9%
16.3% 23.1% 14.0% 20.0%
(3,178) 25,462 12,230 34,514
(3,178) 25,462 12,230 34,514
-
-
-
$19.78 $14.37 $10.99 $15.85
NORTHLAKE A 22 B 314 C 155 Total 491
3,061,287 11,329,963 3,168,140 17,559,390
215,213 1,879,636 246,360 2,341,209
7.0% 16.6% 7.8% 13.3%
17,755 135,003 7,887 160,645
0.6% 1.2% 0.2% 0.9%
232,968 2,014,639 254,247 2,501,854
7.6% 17.8% 8.0% 14.2%
7.0% 17.9% 8.1% 14.2%
(17,739) 11,091 2,101 (4,547)
(17,739) 11,091 2,101 (4,547)
-
-
-
$21.18 $16.84 $14.43 $17.08
NORTHWEST ATLANTA A 72 B 420 C 154 Total 646
17,206,241 15,292,159 2,619,891 35,118,291
2,406,198 2,693,664 262,288 5,362,150
14.0% 17.6% 10.0% 15.3%
193,051 38,595 500 232,146
1.1% 0.3% 0.0% 0.7%
2,599,249 2,732,259 262,788 5,594,296
15.1% 17.9% 10.0% 15.9%
15.3% 18.4% 10.8% 16.3%
28,145 79,376 19,227 126,748
28,145 79,376 19,227 126,748
-
-
-
$23.31 $15.95 $12.84 $19.08
SOUTH ATLANTA A 18 B 242 C 131 Total 391
1,475,761 9,286,817 2,709,107 13,471,685
200,348 1,342,136 509,372 2,051,856
13.6% 14.5% 18.8% 15.2%
7,461 11,632 2,335 21,428
0.5% 0.1% 0.1% 0.2%
207,809 1,353,768 511,707 2,073,284
14.1% 14.6% 18.9% 15.4%
16.8% 14.9% 18.9% 15.9%
207,050 29,833 208 237,091
207,050 29,833 208 237,091
-
$19.39 $15.83 $14.12 $15.95
WEST ATLANTA A B 65 C 36 Total 101
1,597,916 1,730,179 3,328,095
89,978 712,272 802,250
5.6% 41.2% 24.1%
-
89,978 712,272 802,250
5.6% 41.2% 24.1%
6.2% 41.4% 24.5%
9,025 4,620 13,645
9,025 4,620 13,645
-
$13.34 $14.97 $13.73
65,401,832 69,785,071 15,122,883 150,309,786
8,263,539 12,189,995 2,426,007 22,879,541
12.6% 17.5% 16.0% 15.2%
538,644 347,131 10,722 896,497
0.8% 18.0% 16.1% 0.6%
8,802,183 12,537,126 2,436,729 23,776,038
13.5% 18.0% 16.1% 15.8%
13.6% 18.1% 16.4% 16.0%
264,579 115,531 35,944 416,054
264,579 115,531 35,944 416,054
200,000 200,000
200,000 200,000
1,190,604 1,190,604
$21.96 $15.90 $13.50 $17.60
14.0% 16.1% 16.5% 15.1%
826,198 369,846 12,982 1,209,026
0.7% 0.4% 0.1% 0.5%
16,610,646 14,564,877 3,436,847 34,612,370
14.8% 16.5% 16.6% 15.6%
15.1% 16.6% 16.5% 15.8%
546,761 107,629 (10,061) 644,329
546,761 107,629 (10,061) 644,329
200,000 200,000
200,000 200,000
1,690,604 1,690,604
$23.98 $16.36 $13.73 $20.01
1,209,026 1,216,087 1,305,164 1,268,738 1,230,848
0.5% 0.5% 0.6% 0.6% 0.6%
34,612,370 35,056,699 35,713,954 35,844,157 36,347,792
15.6% 15.8% 16.2% 16.3% 16.5%
15.8% 16.2% 16.3% 16.5% 17.1%
644,329 928,553 687,325 503,635 1,331,368
644,329 3,450,881 2,522,328 1,835,003 1,331,368
200,000 271,298 557,122 -
200,000 828,420 557,122 -
1,690,604 1,890,604 1,549,298 1,606,420 1,606,420
$20.01 $19.77 $19.50 $19.22 $19.08
CLASS
BlDGS
Existing Properties
Under Constr (SF)
AVG Rent Rate
URBAN
SUBURBAN
SUBURBAN TOTAL A 343 B 1,906 C 760 Total 3,009
ATLANTA MARKET GRAND TOTAL A B C Total
460 2,138 909 3,507
112,461,702 88,390,446 20,731,213 221,583,361
15,784,448 14,195,031 3,423,865 33,403,344
-
200,000 200,000 -
200,000 200,000 -
Quarterly Comparisons and Totals
QUARTERLY COMPARISON AND TOTALS Q1-15 3,507 221,583,361 33,403,344 Q4-14 3,506 221,383,361 33,840,612 Q3-14 3,502 221,112,063 34,408,790 Q2-14 3,501 220,554,941 34,575,419 Q1-14 3,501 220,554,941 35,116,944
15.1% 15.3% 15.6% 15.7% 15.9%
NOTE: Statistical Set Consists of Office Properties 10,000 SF and Up, Including Owner-Occupied Properties; and Excluding Medical Office and Properties Where the Government is 100% Owner and Occupier. 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
Research & Forecast Report | Q1 2015 | Atlanta Office | Colliers International
Sources: CoStar Property, Colliers Research
PICKENS CO.
Atlanta Office Submarkets
CHEROKEE CO.
DAWSON CO. FORSYTH CO.
Canton
Allatona Lake
Emerson
Lake Lanier
FULTON CO. FUL L FORSYTH CO. FOR R
Cartersville
Sugar Hill
FO RS FU
Mountain Park
N
316 CO BB FU LT CO O . N CO .
Lawrenceville
DORAVILLE Norcross
NORTHLAKEG
W I DE NNE KA TT LB C CO O. .
Austell Clarkston
ch e
WEST ATLANTA
MIDTOWN DECATUR DE ECA ATUR Avondale Estates Estate
DOWNTOWN
att
o ho ac
Ch
DEKALB
Hartsfield-Jackson International Airport
Palmetto
O. ON C FULT CO. TTE FAYE
CO. CO.
FOREST PARK Stockbridge
Jonesboro
CO .
Submarket Size & Occupancy Submarket
Size
Occupancy %
35.1 msf
84.1%
Central Perimeter
29.1 msf
86.1%
North Fulton
28.0 msf
85.5% 83.3%
Conyers Covington Northwest Atlanta
McDonough
Downtown
27.5 msf
Northeast Atlanta
23.7 msf
80.1%
Midtown
22.5 msf
85.0%
Buckhead
21.2 msf
86.5%
Northlake
17.6 msf
85.8%
South Atlanta
13.5 msf
84.6%
West Atlanta
3.3 msf
75.9%
BU TT S
CO .
HENRY CO. CLAYTON CO.
Fayetteville
W AL TO N
RO C NE KDA WT LE ON CO CO . .
HENRY
SOUTH ATLANTA Riverdale Riverda
Fairburn
FULTON CO. COWETA CO.
CLAYTON LAYT L A ON CO.
Union City
675
DE KAL RO BC CK O. DA LE CO .
Lithonia EAST POINT COLLEGE PARK HAPEVILLE
The Atlanta office market consists of ten submarkets. They include the urban markets of Downtown, Midtown and Buckhead, and the suburban markets of Central Perimeter, North Fulton, Northwest Atlanta, Northeast Atlanta, Northlake, South Atlanta and West Atlanta. 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 CO .
ATLANTA
e
OFFICE Submarkets
Snellville
G W IN NE TT
r
R iv
e
PAULDING CO.
DEKALB CO. C FULTON CO. C
SMYRNA
BUCKHEAD
Douglasville
Duluth
CENTRAL PERIMETER CHAMBLEE
COBB CO. DOUGLAS CO.
NORTHEAST ATLANTA
e hooch e tac
Roswell
MARIETTA
Powder Springs
CO . CO .
Cha t
PAULDING CO. COBB CO.
Alpharetta
NORTHWEST ATLANTA
Braselton
H YT O LT
CHEROKEE CO.
Acworth
HA GW INN LL CO . ETT CO .
NORTH FULTON
Woodstock BARTOW CO.
Buford
Rive r
BARTOW CO. CHEROKEE CO.
GAINESVILLE Cumming
CHEROKEE CO.
Newnan 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