More Demand for Atlanta Office Space Expected
Lately, we’ve seen a lot of movement in Atlanta office space, including the news that the federal government has been on a search for Atlanta office space in North Fulton County. News such as this is proof that demand for office space in the metro area is up – and should continue for the foreseeable future.
One hot submarket is the Central Perimeter. This area has seen a lot of attention lately, and rates in the area have risen over the past 12 months due to a combination of constrained supply and increased demand. This is highlighted by one recent project announced by a Texas-based developer, Hines. Hines wants to rezone its NorthPark 100 development for mixed-use, and could also tender plans for a 50-story office tower, which would be the tallest occupied structure outside the Perimeter highway if built. (It is likely, though, that a smaller structure will be erected.)
We’ve seen a lot of increased interest in the Perimeter area as a whole from a wide range of clients across multiple industries. The Perimeter has it all: transportation options; reliable infrastructure; great amenities; access to a well-educated suburban workforce; and access to the Interstate. For these reasons and more, developers and clients like will look to this area for prime Atlanta office space as the area continues to grow.
Those looking for Atlanta office space in these key areas should expect to pay higher rents, namely due to increased demand. This could be slowed somewhat if several planned construction projects go through. Even though supply has been constrained in some areas, though, there is plenty of Atlanta office space to go around, which means a business can find ideal space for a fair price throughout the metro area.
In other news, the Georgia Department of Transportation is moving forward with plans to improve traffic congestion at the I-285 / Georgia 400 interchange. This interchange has become congested and is at its capacity, according to GDOT officials. Plans could include flyover bridges and additional exits to help move traffic along. Feedback is expected to be delivered to GDOT by September 5th.