4Q 2012 | Atlanta Office Market Report

Page 1

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


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