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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Something Old - or Renewed -
and Something New
CresaPartners' Ed Riggins at the Rooster HQ in Buckhead yesterday afternoon.
Sure, renewals are all well and good - more on that in a minute - but working with Atlanta North Roofing Supply proved to be a welcome change of pace for CresaPartners' Ed Riggins.
Riggins represented Atlanta North Roofing Supply in its lease of 20,000 square feet at 1179 Canton Road in Marietta at White Hawk Business Park. What differentiated the deal from the current market's status quo? Atlanta North Roofing Supply is a new tenant providing new jobs, and the deal moved quickly, closing five weeks after Riggins received the assignment from the tenant, a subsidiary of McKinney, Texas-based SRS Acquisitions, and his peers in CresaPartners' Dallas office.
Of course, renewals are the market's bread and butter right now, and Riggins has worked his share, in some cases reducing client's rates by 40 percent. He's recently wrapped up more than 161,000 square feet of renewals in the Airport submarket, including TricorBraun's lease of 125,000 square feet at 260 Southfield Parkway, Atlanta Custom Brokers and International Freight Forwarders Inc.'s lease at 650 Atlanta South Parkway and Tri Tool Inc.'s and D.J. Powers Co.'s deals at 4694 and 4777 Aviation Parkway, respectively. Tommy Hughes of Hughes Commercial Real Estate represented ownership, DCT Industrial, in the TriCorBraun deal, while Charlie Fiveash represented AMB in the Atlanta Custom Brokers transaction. ProLogis' Brian Cardoza represented ownership in the Aviation Parkway deals.
"In each case, we thoroughly analyzed the financial impact of lease renewal versus relocation," said Riggins, Executive Vice President with CresaPartners. "Two of the four clients wanted to maintain their current square footage, and the other two looked seriously at downsizing. However, with the present market favoring tenants rather than landlords, they ultimately elected to pay lower rents in their existing locations rather than incur moving expenses."
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The Bumpy Ride Continues
 Chris Shaner overlooking downtown from the Cushman & Wakefield office.
Like flying a prop plane through a tornado, no one said this was going to be smooth, and so it goes with Atlanta's office market, zapped by 316,378 square feet of negative net absorption in the second quarter, according to Cushman & Wakefield data released Monday.
The second-quarter malaise counterbalances first-quarter positive absorption, leaving metro Atlanta's office market with 155,584 square feet of negative net absorption year-to-date and 21.2 percent vacancy. Overall leasing activity totaled nearly 1.7 million square feet in the second quarter, bringing the year-to-date total to 4.1 million square feet of office space.
The bright spots: Central Perimeter's net absorption totals 169,204 square feet through the first half of the year, and Downtown and the Cumberland/Galleria submarkets posted positive net absorption in the second quarter. Sublease vacancies continued to decline, as well, and now stand at 2.9 million square feet. Speculative office construction has essentially stopped, but the real key to a growing office market - new-job creation - continues to elude metro Atlanta on a large scale.
"Atlanta's economy continues to lag the nation, and significant barriers to recovery remain that must be resolved before the market enters a true growth phase," said Chris Shaner, Senior Research Associate at Cushman & Wakefield. "The performance of Atlanta's office market during the first half of the year reflected these uncertain economic conditions. Though absorption should remain flat over the course of the year, healthy deal flow and a lack of speculative development activity will help stabilize occupancy levels by year end."
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Grabbing Lunch with Cousins Left to right: T.C. Madison of Ryan Cone & Associates, Andrew Waguespack of CresaPartners, Owen Middour of Richard Bowers, Ryan Cone of Ryan Cone & Associates, Griff Sims of City Commercial Real estate, Jeff Dils of Cousins Properties, Travis Jackson of Cushman & Wakefield and Chuck Francis of Cousins Properties.
Team Rooster stopped in to see who'd win the "Big Green Egg" - of course we did - last Thursday at Galleria 75. Cousins Properties hosted about 50 brokers with a BBQ lunch as they showcased the 40,000 square foot primo office space. Each attendee walked away with a cool grill/cooler combo unit, but Travis Jackson of Cushman & Wakefield won the big grilling egg and Brett Kingman of Colliers won a foursome at Eastlake Country Club.
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Rooster Hits the Road
 DCT Industrial "hit the road" with Grubb & Ellis at BluePointe on Thursday evening.
The gang at DCT Industrial sure knows how to put on a good show - road show that is - at BluePointe with Grubb & Ellis. The Rooster joined the gang for cocktails and appetizers last Thursday afternoon as DCT highlighted their properties for lease to the Grubbie gurus. Many thanks for the invite, Sam! |
Circling Summer at Tavern 99 Holly Hughes (left) and Terra Goebel (right) of C-W-C at the Circle of Trust event on Thursday night. The whole Rooster flock caught up with Regent Partners' Keith Mack last week for the Circle of Trust pre-summer finale at Tavern 99. A small mob filled the private party room and of course, fun was had by all. Catch the Rooster on July 22nd as we take down the whole venue - and the large patio - for our one-year anniversary event. Appetizers, drinks and valet parking is on us. Check your inbox tomorrow for the formal invitation, and be sure to RSVP!
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