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Atlantic Station--Too much office space?


Chachi

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I have been a huge fan of Atlantic Station, but seeing that a number of commercial office buildings are going up there without any foreseeable tenants, I'm beginning to worry that AS may flood Midtown/Downtown with cheap office space when the vacancy rate is already in the mid 20s. What's your opinion?

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I'm not sure off hand, but when I went there about two months ago to take a look around I saw a few buildings under construction that had signs on the fence offering office space for lease. One I remember was for 350,000 square feet. I read yesterday that metro Atlanta only absorbed 2 million square feet of office space last year and that was supposed to be a big improvement over previous years.

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I drove by Atlantic Station two days ago and noticed that there are signs put up by Carter (a developer) for three proposed buildings with a total of 1 million square feet of office space. That's about as much office space as there is in the Bank of America tower. I was glad to see that the buildings are only proposed, and not under construction as I thought earlier.

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While you don't want to oversaturate the market with office space, you also have to consider that when somone decides to build a skyscraper, its not just for the fun of it. They do alot of reseach and deasability studies to see if the idea would be successful. Maybe not in all cases, but I would think that a building as tall as BofA would have been well planned.

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I think AS will at a little glut to office space. But like most developments, I wouldn't expect to see any more large scale buildings come out of the ground without a tenant to anchor them at least 33% (usually 50% if considered ideal). Though you can't blame them with the success of the SouthTrust/Wachovia building, there is certainly a lot of interest in buildings in AS/Midtown.

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