5:34 am October 29, 2009, by Henry Unger
This recession has really clobbered commercial real estate here.
AJC reporter Gertha Coffee writes that it could take more than a decade to fill all the vacant office space in metro Atlanta.
The glut of commercial space — most apparent in Buckhead with more than 3 million square feet of empty space — challenges any thoughts of constructing new towers in metro Atlanta for years to come, Coffee writes.
Overall, the metro Atlanta office market has 24 million square feet of vacant office space. The absorption rate — move-ins vs. move-outs — showed 59,000 square feet of negative absorption in the third quarter of 2009, according to a report by Richard Bowers & Co.
That was the fourth consecutive quarter of negative absorption and the second longest period of negative absorption since the company started tracking the Atlanta office market in 1987.
As it stands, Coffee reports, metro Atlanta’s office vacancy rate for the third quarter was 18.1 percent, up from 15.7 percent for the same period in 2008, according to the Bowers report.
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