Commercial Property Tax Appeals 2012

Posted by Daniel Jones on Oct 28, 2011 6:21:00 PM

It looks like 2012 will be another good year to be proactive and save money. A forecast released by PriceWaterhouseCoopers and the Urban Land Institute indicates that the commercial real estate market will see an increased supply of properties for sale during 2012, but diminished buyer interest. The absence of job growth will have a major impact on this issue. Job creation is essential for a sustained recovery in the commercial real estate market.

Here in Atlanta there have been several office building sales of the distressed variety. Office investors in Atlanta are buying even while vacancy rates remain high. At the end of the third quarter, the vacancy rate for office was 21%, according to a report from Marcus and Millichap Real Estate Investment Services. Asking and effective rents have remained flat. The median price of properties sold over the past year was $94 per square foot, which is down 10% year-over-year.

In other news, Cousins Properties, Inc. sold One Georgia Ctr. in Midtown Atlanta for approximately $130 per square foot or $48.6 million. Cousins bought the property 11 years ago for $35 million. The Georgia Department of Transportation leases approximately 78% of the tower.

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