A class-A office building sold in Atlanta recently. Promenade Two, a 774,000 square foot building in Midtown was purchased by Cousins Properties. The reported sale price is $134,700,000 or $174 per foot. The building is 42% vacant. Jones Lang LaSalle reports that the vacancy rate in Midtown is 24.4% and that is the highest in the metro area. Net absorption was negative in the third quarter in Midtown. Jones Lang LaSalle report that the average office rent in Midtown is $23.75
The best properties in the best locations are still commanding high prices per foot. But with Midtown having the highest vacancy rate of all the Atlanta metro sub-markets can it really be considered a "best location" at this time? Perhaps. Vacancy rates are high in most markets and relatively speaking Midtown's vacancy rate isn't that bad.
Bifurcation. There's the top tier properties, and then there's everyone else's properties. If you think the assessor has your property in the wrong group don't feel singled out. There are a lot of other properties owners being associated with the Chosen properties (you know, the only ones selling) out there. For help getting the assessors to "see the light" talk to the property tax appeal professionals at Fair Assessments LLC.
The best properties in the best locations are still commanding high prices per foot. But with Midtown having the highest vacancy rate of all the Atlanta metro sub-markets can it really be considered a "best location" at this time? Perhaps. Vacancy rates are high in most markets and relatively speaking Midtown's vacancy rate isn't that bad.
Bifurcation. There's the top tier properties, and then there's everyone else's properties. If you think the assessor has your property in the wrong group don't feel singled out. There are a lot of other properties owners being associated with the Chosen properties (you know, the only ones selling) out there. For help getting the assessors to "see the light" talk to the property tax appeal professionals at Fair Assessments LLC.
