What’s next for commercial real estate in Atlanta?
For months, we’ve been hearing that metro Atlanta’s office market will suffer the next big financial hit.
On Tuesday, the landmark Equitable Building downtown was auctioned for just 56 percent of what the lender was owed. There was only one bidder.
Was that just the beginning of a lot more distress down the road?
We’d like to hear from industry players and experts about what you think the fallout will be.
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3 comments Add your comment
Wilbert News Strategies
June 3rd, 2009
4:10 pm
The Equitable Building “auction” is just the beginning. Funds waiting to pick up distressed properties still are standing on the sidelines, waiting to see “blood in the streets.” As for the Equitable Building, the $49/sq. ft it went for at auction is not expected to set the mark for towers in downtown, though it could put downward pricing pressure on similar, proximate Class B buildings. If Capmark tries to sell the Equitable Building in three or four months, that’s when the sale price could impact market pricing downtown.
Joshua Keen
June 3rd, 2009
4:22 pm
Yes. I think that’s a sign of things to come, for sure. Though I’m not directly in the commercial industry — I sell residential real estate here in Atlanta — if the downturn in the residential real estate market over the last 12 months is any indication then it’s going to be a tough situation for folks who are in the commercial market — developers and agents alike.
Facing up to own mistakes
June 10th, 2009
2:59 pm
I believe the city and the state must work together to attract more corporations to relocate here as in NCR or go the international arena and attract international companies to relocate their offices here like Invesco did from England. Georgia must leverage everything the states officers to beat out states like New York and Califirnia or anywhere else with high taxation, cost of living and office space. When we are able to show the city or state in a competitive light, the real estate markets and job status will begin to improve.