YEAR-END 2012 | OFFICE
ATLANTA
MARKET REPORT
Atlanta Office Market Recovery Takes Hold in 2012
Updated May 2012
MARKET INDICATORS Projected
Q4 2012 VACANCY
Q1 2013
—
NET ABSORPTION CONSTRUCTION RENTAL RATE
—
CAP RATES
Coasting to the end of its best performing year since 2007, Atlanta’s office market experienced yet another quarter of occupancy gains during the final three months of 2012. The positive results bring the final tally for office space absorbed in the year to almost 2.8 million square feet. This gain coupled with 790,000 square feet of space delivered resulted in a year-end vacancy rate of 17%; down 100 basis points from the end of 2011. Throughout 2012, the majority of the positive activity centered around three contributing factors: companies taking occupancy from previously signed transactions, companies expanding in and/or relocating to the Atlanta area, and the growth of small businesses. Some of Atlanta’s office absorption in the year was a result of the commencements of transactions signed in 2010 and 2011 when companies took advantage of opportunistic market conditions and secured competitive lease structures. Many of these transactions included expansions of existing office space, though some also included consolidations. The most notable of these occupancies in 2012 included Kids II relocating and expanding into 102,818 square feet in Buckhead, SunTrust Robinson Humphrey expanding by 135,075 square feet in Buckhead, Greenberg Traurig moving to 93,466 square feet in Buckhead, PriceWaterhouseCoopers relocating within Midtown to 139,490 square feet and Alston & Bird consolidating from two Midtown office towers to one. Likely the most beneficial factor contributing to the bulk of this year’s office absorption was the expansion of existing companies in Atlanta and the relocation of others to the metro area. The most notable of these was also the largest lease transaction of the year. State Farm signed and moved into over 430,000 square feet of office space at 64 & 66 Perimeter Center in Central Perimeter. This transaction represented a new requirement to the city and was the result of an increase in State Farm’s customer service business. The new office created 500 jobs. Finally, small business growth in Atlanta provided a steady stream of positive activity throughout the year. According to SurePayroll, which tracks small business growth throughout the nation, Atlanta’s year-over-year growth in small business hiring topped 6% in 2012. This surpassed the national average which showed -1.3% over the same time. continued on page 2
ATLANTA OFFICE
NEW SUPPLY, ABSORPTION AND VACANCY RATES
UPDATE Atlanta Rental Rates Overall Market & Class A (per sq. ft.)
25%
6,000,000 $25.00 $25.00
5,000,000
$24.00 $24.00 $23.00 $23.00
3,000,000
1,000,000
Class A
Market AVG
2012
2011
2010
2009
2008
2007
5%
(2,000,000) (3,000,000)
0% Absorption
www.colliers.com/atlanta
2006
(1,000,000)
2005
2012 2012
2011 2011
2010 2010
2009 2009
$17.00 $17.00
10%
0
$18.00 $18.00
2004
$19.00 $19.00
15%
2,000,000
2003
$20.00 $20.00
Square Feet
$22.00 $22.00 $21.00 $21.00
20%
4,000,000
Deliveries
Vacancy %
Office occupancy in Atlanta finished the year with a net gain of approximately 2.8 million square feet. The overall vacancy rate for office space is now 17%, decreasing 100 basis points compared to last year. Seven buildings delivered in 2012, adding 790,000 SF of inventory to the market. Atlanta’s office market now consists of 221 million square feet.
MARKET REPORT | YEAR-END 2012 | OFFICE | ATLANTA
Vacancy Rate-A percentage of the total amount of physically vacant space divided by the total amount of existing inventory.
Based on this year’s activity, recovery of Atlanta’s office market has taken hold. Despite uncertainty surrounding the economy, the metro Atlanta area managed to add 40,000 jobs over the past twelve months. The market has recovered and job growth has returned; however, the outlook heading into 2013 is somewhat imprecise. Office leasing activity and absorption are expected to continue their positive trend in the year, but the bulk of this activity is not expected to take hold until late spring. The apprehension of companies to make any big real estate decisions in the latter half of 2012 resulted in a significant drop in overall leasing. As absorption lags leasing, the first half of 2013 is likely to show flat movement of occupancy levels in Atlanta’s office market, and possibly a slight increase in overall vacancy. Local economists are predicting slow, if any, job growth here during the first half of the year and do not see hiring picking back up until the third and fourth quarters. Once apprehension and continued uncertainty subside, Atlanta’s office market should return to where it left off in 2012.
Vacant Space-Space that is not currently
VACANCY & AVAILABILITY
occupied by a tenant, regardless of any lease obligation on the space.
•
Year-over-year, Atlanta’s overall office vacancy rate dropped 100 basis points to 17%.
Sublease Space-Space that has been
•
Positive absorption and the absence of spec development have benefitted market fundamentals.
Office vacancy will continue trending lower in 2013, but not until the latter half of the year.
Leasing activity slowed toward the end of the year which will affect office absorption in the first half of 2013.
YEAR-END 2012 | Vacant Space By Type
YEAR-END 2012 | Net Absorption by Submarket
CLASS A 18,522,158 SF VCY RATE = 16.9%
Build-to-Suit-A term describing property that
CLASS C 3,471,639 SF VCY RATE = 16.7%
was developed specifically for a certain tenant to occupy. Can be either leased or owned by the tenant.
1,000,000
500,000
0
Class A
Class B
Class C (500,000)
P. 2
| COLLIERS INTERNATIONAL
NORTH FULTON
1,500,000
CLASS B 15,636,626 SF VCY RATE = 17.2%
DOWNTOWN
2,000,000
NORTHLAKE
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.
•
The submarket seeing the most vacant space filled this year was Central Perimeter with over 1.2 million square feet reoccupied.
WEST ATLANTA
Leasing Activity-The volume of square
•
The centralized submarkets of Midtown, Buckhead and Central Perimeter accounted for all of the office absorption this year. North Fulton and Downtown experienced significant losses in 2012.
NORTHWEST
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.
•
NORTHEAST
Deliveries-Buildings
Office absorption totaled 411,619 square feet in the fourth quarter bringing the year-to-date total to almost 2.8 million square feet.
SOUTH ATLANTA
•
•
MIDTOWN
leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation.
ABSORPTION & LEASING ACTIVITY
BUCKHEAD
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.
CENTRAL PERIMETER
Absorption (Net)-The net change in
Square Feet
DEFINITIONS
MARKET REPORT | YEAR-END 2012 | OFFICE | ATLANTA
UPDATE Largest Transactions in the Market for 2012 SALES ACTIVITY PROPERTY
SUBMARKET
SALES DATE
SALE PRICE
SIZE SF
PRICE / SF
BUYER
Concourse Corporate Ctr.
Central Perimeter
10/1/2012
$300,000,000
2,103,399
$142.63
Regent Ptnrs/GEM Realty
Two Alliance
Buckhead
9/21/2012
$145,900,000
491,888
$296.61
Highwoods Properties
64/66 Perimeter Center
Central Perimeter
12/28/2012
$118,500,000
580,432
$204.11
Wells Core Office REIT
Prominence in Buckhead
Buckhead
8/2/2012
$105,000,000
424,252
$247.49
Crocker Partners
180 Peachtree (port.)
Downtown
1/3/2012
$94,750,000
338,000
$280.33
Carter Validus REIT
10 Peachtree Place
Midtown
5/11/2012
$61,400,000
258,917
$237.14
Prudential Real Estate
Lenox Bldg-3399 Peachtree
Buckhead
3/6/2012
$59,300,000
348,152
$170.33
Parmenter Realty
Tower Place 200
Buckhead
12/2012
$56,000,000
259,888
$215.48
Parkway Properties
One Ravinia
Central Perimeter
7/31/2012
$52,750,000
386,603
$136.44
Franklin Street Properties
180 Spring St.
Downtown
7/25/2012
$33,020,300
90,688
$364.11
Government Prop. Inc. Trust
LEASING ACTIVITY PROPERTY
SUBMARKET
TENANT
LANDLORD
SIZE SF
TYPE
64 & 66 Perimeter
Central Perimeter
State Farm
Rubenstein Partners
434,513
Class A Lease
6303 Barfield Rd.
Central Perimeter
ISS (IBM)
Lexington Realty Trust
289,000
Class A Renewal
Phipps Tower
Buckhead
Carter’s
Manulife
222,730
Class A Lease
Aerotropolis-H. Ford II Ave.
South Atlanta
Porsche North America
Jacoby Development
200,000
Class A Build-To-Suit
760 Doug Davis Dr.
South Atlanta
Delta
Digital Realty Trust
167,000
Class B Sale-Leaseback
300 Galleria
Northwest Atlanta
Travelport
Childress Klein
130,309
Class A Renewal & Contraction
Concourse I
Central Perimeter
Dell Secureworks
TIAA-CREF
115,000
Class A Renewal & Expansion
Concourse I
Central Perimeter
Elavon
TIAA-CREF
112,956
Class A Renewal & Expansion
1155 Perimeter Center
Central Perimeter
AirWatch
AEW Capital Mgmt.
100,000
Class A Lease
900 Ashwood
Central Perimeter
Oldcastle
LNR Partners
91,595
Class A Renewal & Expansion
18,000,000
10%
16,000,000
9%
14,000,000
8% 7%
12,000,000
6%
10,000,000
5%
8,000,000
4%
6,000,000
3%
Total Leasing Activity SF
2012
2011
0% 2010
0 2009
1% 2008
2,000,000 2007
2%
2006
4,000,000
2005
Square Feet
HISTORICAL LEASING ACTIVITY & AVERAGE CAP RATES
AVG Cap Rate %
COLLIERS INTERNATIONAL |
P. 3
MARKET REPORT | YEAR-END 2012 | OFFICE | ATLANTA
UPDATE
Market Comparisons
VACANCY
BLDGS
CLASS
EXISTING PROPERTIES TOTAL SF
DIRECT VCY SF
DIRECT VCY %
SUB VCY SF
SUB VCY %
URBAN DOWNTOWN A 28 B 90 C 75 Total 193
14,770,027 9,458,115 3,466,137 27,694,279
2,652,946 1,300,452 706,358 4,659,756
18.0% 13.7% 20.4% 16.8%
322,433 16,310 900 339,643
2.2% 0.2% 0.0% 1.2%
MIDTOWN A B C Total
38 101 38 177
15,230,435 6,123,949 884,951 22,239,335
2,446,148 794,682 54,931 3,295,761
16.1% 13.0% 6.2% 14.8%
137,585 16,571 11,424 165,580
BUCKHEAD A 46 B 50 C 42 Total 138
15,156,418 4,282,018 1,057,352 20,495,788
2,429,075 659,203 61,541 3,149,819
16.0% 15.4% 5.8% 15.4%
URBAN TOTAL A 112 B 241 C 155 Total 508
45,156,880 19,864,082 5,408,440 70,429,402
7,528,169 2,754,337 822,830 11,105,336
SUBURBAN CENTRAL PERIMETER A 70 19,863,601 B 147 7,640,056 C 92 1,575,363 Total 309 29,079,020 NORTH FULTON A 100 B 320 C 61 Total 481
ABSORPTION
RENT
VCY PRIOR %
2,975,379 1,316,762 707,258 4,999,399
20.1% 13.9% 20.4% 18.1%
20.0% 13.3% 20.5% 17.8%
(22,487) (54,434) 2,681 (74,240)
(301,588) (66,672) 45,785 (322,475)
-
-
0.9% 0.3% 1.3% 0.7%
2,583,733 811,253 66,355 3,461,341
17.0% 13.2% 7.5% 15.6%
17.8% 13.2% 7.5% 16.1%
124,009 (2,265) 223 121,967
541,091 207,840 3,838 752,769
-
-
450,000 450,000
$27.05 $17.72 $14.51 $24.70
184,018 8,737 200 192,955
1.2% 0.2% 0.0% 0.9%
2,613,093 667,940 61,741 3,342,774
17.2% 15.6% 5.8% 16.3%
17.2% 14.9% 6.2% 16.1%
(12,054) (31,628) 3,871 (39,811)
418,870 11,389 18,424 448,683
-
-
100,000 100,000
$26.95 $19.13 $17.97 $25.24
16.7% 13.9% 15.2% 15.8%
644,036 41,618 12,524 698,178
1.4% 0.2% 0.2% 1.0%
8,172,205 2,795,955 835,354 11,803,514
18.1% 14.1% 15.4% 16.8%
18.3% 13.6% 15.6% 16.8%
89,468 (88,327) 6,775 7,916
658,373 152,557 68,047 878,977
-
-
100,000 450,000 550,000
$24.53 $17.41 $15.88 $22.71
2,724,865 1,989,851 386,091 5,100,807
13.7% 26.0% 24.5% 17.5%
167,264 53,266 220,530
0.8% 0.7% 0.8%
2,892,129 2,043,117 386,091 5,321,337
14.6% 26.7% 24.5% 18.3%
16.0% 26.3% 24.4% 19.2%
534,062 (34,983) (1,224) 497,855
1,733,677 98,275 (11,556) 1,820,396
15,444,505 11,166,329 1,066,836 27,677,670
2,638,285 1,777,248 97,689 4,513,222
17.1% 15.9% 9.2% 16.3%
202,802 18,105 220,907
1.3% 0.2% 0.8%
2,841,087 1,795,353 97,689 4,734,129
18.4% 16.1% 9.2% 17.1%
16.8% 15.9% 7.4% 16.1%
(251,255) (17,995) (18,698) (287,948)
(348,224) 86,280 5,876 (256,068)
-
-
NORTHEAST ATLANTA A 58 7,579,583 B 409 13,455,789 C 126 2,370,530 Total 593 23,405,902
1,299,736 2,824,303 253,011 4,377,050
17.1% 21.0% 10.7% 18.7%
34,881 52,771 5,460 93,112
0.5% 0.4% 0.2% 0.4%
1,334,617 2,877,074 258,471 4,470,162
17.6% 21.4% 10.9% 19.1%
18.1% 21.5% 11.0% 19.3%
35,061 9,634 2,472 47,167
56,994 190,620 (12,485) 235,129
-
-
344,476 344,476
$19.42 $13.77 $13.60 $15.38
NORTHLAKE A 19 B 324 C 162 Total 505
2,520,105 12,176,009 3,406,069 18,102,183
420,127 1,786,327 339,078 2,545,532
16.7% 14.7% 10.0% 14.1%
22,546 40,259 62,805
0.9% 0.3% 0.3%
442,673 1,826,586 339,078 2,608,337
17.6% 15.0% 10.0% 14.4%
18.5% 15.2% 9.4% 14.6%
23,539 34,801 (18,094) 40,246
(67,039) (82,801) 14,642 (135,198)
13,822 13,822
13,822 13,822
12,971 12,971
$19.98 $16.86 $13.34 $16.76
NORTHWEST ATLANTA A 76 B 417 C 147 Total 640
17,448,696 15,900,062 2,542,681 35,891,439
2,353,762 3,105,866 365,559 5,825,187
13.5% 19.5% 14.4% 16.2%
185,605 49,711 235,316
1.1% 0.3% 0.0% 0.7%
2,539,367 3,155,577 365,559 6,060,503
14.6% 19.8% 14.4% 16.9%
15.3% 19.3% 13.8% 17.0%
196,581 (84,074) (14,014) 98,493
21,759 (95,624) (2,365) (76,230)
80,000 80,000
80,000 80,000
16,650 16,650
$21.91 $15.36 $14.26 $18.27
SOUTH ATLANTA A 17 B 239 C 134 Total 390
1,299,997 9,280,877 2,701,285 13,282,159
292,653 961,064 457,215 1,710,932
22.5% 10.4% 16.9% 12.9%
7,427 48,077 55,504
0.6% 0.5% 0.4%
300,080 1,009,141 457,215 1,766,436
23.1% 10.9% 16.9% 13.3%
23.2% 10.7% 16.1% 13.0%
1,319 (19,965) (22,780) (41,426)
61,581 144,473 (18,010) 188,044
-
-
200,000 200,000
$20.50 $15.49 $14.15 $16.25
WEST ATLANTA A B 62 C 36 Total 98
1,562,752 1,746,729 3,309,481
133,823 732,182 866,005
8.6% 41.9% 26.2%
-
133,823 732,182 866,005
8.6% 41.9% 26.2%
9.2% 42.1% 26.8%
46,753 2,563 49,316
110,211 1,800 112,011
40,000 40,000
80,000 80,000
9,729,428 12,578,482 2,630,825 24,938,735
15.2% 17.7% 17.1% 16.5%
620,525 262,189 5,460 888,174
1.0% 18.0% 17.1% 0.6%
10,349,953 12,840,671 2,636,285 25,826,909
16.1% 18.0% 17.1% 17.1%
16.5% 17.9% 16.7% 17.2%
539,307 (65,829) (69,775) 403,703
1,458,748 451,434 (22,098) 1,888,084
380,000 53,822 433,822
680,000 109,822 789,822
544,476 29,621 574,097
$20.68 $15.27 $13.60 $16.85
17,257,597 15,332,819 3,453,655 36,044,071
15.8% 16.8% 16.6% 16.3%
1,264,561 303,807 17,984 1,586,352
1.2% 0.3% 0.1% 0.7%
18,522,158 15,636,626 3,471,639 37,630,423
16.9% 17.2% 16.7% 17.0%
17.2% 17.0% 16.4% 17.0%
628,775 (154,156) (63,000) 411,619
2,117,121 603,991 45,949 2,767,061
380,000 53,822 433,822
680,000 109,822 789,822
644,476 479,621 1,124,097
$22.42 $15.49 $14.04 $18.98
1,586,352 1,543,262 1,583,957 1,716,568 1,741,021
0.7% 0.7% 0.7% 0.8% 0.8%
37,630,423 37,608,220 38,738,803 39,185,624 39,607,662
17.0% 17.0% 17.5% 17.8% 18.0%
17.0% 17.5% 17.8% 18.0% 18.1%
2,767,061 2,355,442 1,224,859 438,038 57,737
433,822 340,000 16,000 -
789,822 356,000 356,000 16,000 19,015
1,124,097 1,357,919 1,257,919 1,581,269 1,410,476
$18.98 $18.90 $18.97 $18.98 $19.03
SUBURBAN TOTAL A 340 B 1,918 C 758 Total 3,016
64,156,487 71,181,874 15,409,493 150,747,854
ATLANTA MARKET GRAND TOTAL A 452 109,313,367 B 2,159 91,045,956 C 913 20,817,933 Total 3,524 221,177,256
NET NET NEW NEW ABSORP ABSORP SUPPLY SUPPLY CURR SF YTD SF CURR SF YTD SF
U/C
VCY CURR %
-
TOTAL VCY SF
DELIVERIES
300,000 300,000
600,000 16,000 616,000
UNDER AVG CONSTR RENT SF RATE
-
$19.58 $15.38 $15.16 $18.19
-
$22.17 $17.57 $13.31 $20.20
-
$20.07 $13.86 $13.25 $17.43
-
$14.01 $13.28 $13.69
QUARTERLY COMPARISONS AND TOTALS QUARTERLY COMPARISON AND TOTALS Q4-12 Q3-12 Q2-12 Q1-12 Q4-11
3,524 3,520 3,520 3,518 3,517
221,177,256 220,743,434 220,743,434 220,403,434 220,387,434
36,044,071 36,064,958 37,154,846 37,469,056 37,866,641
16.3% 16.3% 16.8% 17.0% 17.2%
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.
411,619 1,130,583 786,821 438,038 179,178
SOURCE: COSTAR PROPERTY, COLLIERS RESEARCH
COLLIERS INTERNATIONAL |
P. 4
MARKET REPORT | YEAR-END 2012 | OFFICE | ATLANTA
CONSTRUCTION •
•
The second phase of Cox Enterprises’ new office campus delivered in the fourth quarter, along with Home Depot’s 80,000 SF call center. These completions bring the year-to-date total for office space delivered to 790,000 SF.
•
Outside of possible build-to-suits, no significant construction projects are expected in 2013; meaning supply will continue to tighten.
While concessions have eased slightly, the largest requirements still command the best incentives as seen by the most recent Carter’s lease transaction in Buckhead.
United States: 147 Canada: 37 Latin America: 19 Asia Pacific: 201 EMEA: 118
INVESTMENT & SALES ACTIVITY •
RENTAL RATES & CONCESSIONS •
522 offices in 62 countries on 6 continents
any trend take hold; instead, this means market rents have likely hit bottom.
Overall average rental rates showed an uptick in the fourth quarter. Still, it is too soon to see
Investment volume continued to remain solid in the final quarter of the year with over $600 million in volume and 4.3 million square feet of office space sold.
•
$1.8 billion in annual revenue
• Over 2.5 billion square feet under
management • Over 12,000 professionals
CONSTRUCTION ACTIVITY (100,000 SF+) PROPERTY ADDRESS
SUBMARKET
SIZE (SF)
DELIVERY DATE
675 Ponce De Leon Ave.
Midtown
450,000
First Quarter 2014
Primerica - Legacy Parkway
Northeast Atlanta
344,476
Second Quarter 2013
ViaSat BTS - Breckinridge Blvd.
Northeast Atlanta
60,000
Second Quarter 2013
Canton GAINESVILLE Cumming
CHEROKEE CO. FULTON CO. FUL L FORSYTH CO. FOR R
Allatona Lake
Emerson
Lake Lanier
Woodstock CHEROKEE CO.
Acworth
Sugar Hill
FO RS FU
Mountain Park
N
CO . CO .
NORTHEAST ATLANTA
e hooch e tac
Cha t
PAULDING CO. COBB CO.
Alpharetta Roswell
NORTHWEST ATLANTA
Bras
H YT O LT
BARTOW CO.
OFFICE SUBMARKETS
Buford
HA GW INN LL CO . ETT CO .
NORTH FULTON Rive r
BARTOW CO. CHEROKEE CO.
Cartersville
Duluth
316 CO BB FU LT CO O . N CO .
MARIETTA
CENTRAL PERIMETER
Lawrenceville
DORAVILLE Norcross
CHAMBLEE SMYRNA
NORTHLAKEG
W IN DE NE KA TT LB C CO O. .
BUCKHEAD Austell COBB CO. DOUGLAS CO.
Clarkston
WEST ATLANTA
ch e
Douglasville
e
CO .
MIDTOWN DECATUR DE ECA ATUR Avondale Estates Estate
DOWNTOWN
o
W AL TO N
CO .
att
ho ac
ATLANTA
Snellville
Stone Mountain G W IN NE TT
r
R iv
e
PAULDING CO.
DEKALB CO. C FULTON CO. C
Powder Springs
Ch
DEKALB HENRY
Hartsfield-Jackson International Airport
FULTON CO. COWETA CO.
Palmetto
FOREST PARK
SOUTH ATLANTA Riverdale Riverda
Fairburn
CO. CO.
Conyers Covington RO C NE KDA WT LE ON CO CO . .
CLAYTON LAYT L A ON CO.
Union City
675
DE KALB RO CO CK . DA LE CO .
Lithonia EAST POINT COLLEGE PARK HAPEVILLE
Stockbridge
. ON CO FULT CO. TTE FAYE
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.
UNITED STATES: Atlanta Caldwell Zimmerman Executive VP | Colliers Manager Two Midtown Plaza | Suite 1100 1349 West Peachtree Street, NE Atlanta, Georgia, 30309 TEL +1 404 888 9000 FAX +1 404 870 2845
RESEARCHER: Atlanta Scott Amoson Vice President | Director of Research Two Midtown Plaza | Suite 1100 1349 West Peachtree Street, NE Atlanta, Georgia, 30309 TEL +1 404 877 9286 FAX +1 404 870 2845
Jonesboro
McDonough BU TT S
CO .
HENRY CO. CLAYTON CO.
Fayetteville
Newnan Peachtree City
This market report is a research document of Colliers International. Information herein has been deemed reliable and no representation is made as to the accuracy thereof. Colliers International-Atlanta, Inc., and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International Property Consultants, an affiliation of independent companies with over 520 offices throughout 62 countries worldwide.
Accelerating success.
www.colliers.com/atlanta