Unfortunately, as predicted, Atlanta’s office market is deteriorating.
Tenants vacating office space made the second quarter of 2009 the worst for metro Atlanta’s office market since 2002, according to a new report.
AJC reporter Gertha Coffee writes that nearly 400,000 square feet of office space was put back on the market in the second quarter because of downsizing, consolidations and bankruptcies, according to the report by Colliers Spectrum Cauble.
With metro Atlanta’s unemployment rate continuing to rise, office vacancies will mount through the end of the year, the report said.
While the short-term outlook is bleak, 2010 could mark the beginning of recovery for the area’s office market, experts say.
Let’s hope the experts are as accurate on the upturn as they have been on the downturn.
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