1Q 2015 | Office Market Report | Metro Atlanta

Page 1

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


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