By Todd McCarty, director of marketing, Carter
ATLANTA (Oct. 26, 2011) – Office and industrial numbers for third quarter are in and we know our Carter blog readers would be interested in an update.
At the end of the quarter, 420,150 square feet of speculative office space was under construction in the market. When the second quarter ended, 352,650 square feet was under construction. However, the third-quarter 2011 figure does represent a decrease from the end of the same period in 2010, when 451,318 square feet of speculative office space was under construction.
No speculative office projects were delivered in third-quarter 2011. That’s down from the 40,162 square feet delivered in the second quarter. Two of the significant 2011 office deliveries include the 40,162-square-foot New Hampton Place, which was delivered in the second quarter and is now 56 percent occupied, and the 19,015-square-foot 6670 Merchants Way, which was delivered in the first quarter and is now completely occupied.
As for the Atlanta industrial market, the amount of property under construction decreased from second-quarter 2011 to the third quarter. At the end of the third quarter, 513,550 square feet of space was under construction. When the second quarter ended, 983,556 square feet was being built. At the close of third-quarter 2010, nearly 1.6 million square feet was underway.
More than 470,000 square feet of industrial space was delivered in the third quarter. That’s quite a bit more than in the second quarter, when no industrial space was delivered.
One of 2011’s notable industrial deliveries, according to CoStar, is the 1.2-million-square-foot 1595 Oakley Industrial Blvd., which was delivered in the first quarter and is now fully occupied.