Remember back in 2010, when on a sunny evening you could peer straight through those brand-new, glassy office towers in Buckhead and see nary a desk or employee? The Atlanta Business Chronicle reports that the ghost-town edifices of yesteryear are nearing extinction, as the city's office market is posting its best overall absorption rates in more than five years — though some submarkets are faring better than others.
While metro Atlanta's office market is on pace to sop up nearly 3 million square feet — nearing the pace of the pre-dotcom-crash late 90s and early aughts — more than 26 million square feet of office space remains vacant. As the ABC depressingly points out, that much space would fill the Bank of America Tower — Atlanta's tallest skyscraper, and the tallest building in any American capital city — more than 20 times over. Maybe more incentives like free rent and allowances for tenant improvement are in order?
· Atlanta office sector rebounds, but downtown struggles [ABC]