Content area
Full Text
The numbers may not reflect it, but that tried-and-true real estate optimism is back in the office market these days.
But a cautious edge remains with the renewed hope, perhaps because the latest statistics depict one of the worst office markets the city has seen.
The first quarter brought 412,000 square feet of negative absorption, according to figures from Cushman & Wakefield of Georgia Inc., meaning far more space was vacated or added to the market than was occupied. That's on top of last year, which ended with 777,000 square feet of negative absorption. To contrast, until last year, Atlanta had posted more than 2.5 million square feet of positive absorption every year since 1986.
Throw in a vacancy rate that has officially topped 20 percent, including more than 5.6 million square feet of sublease space, for the first time since the early 1990s, and some might think Atlanta's office market is doomed.
Think again, say industry insiders.
"All of the people who were sitting on their hands are now saying it's time to get on with business," said Mike...