New data show the Atlanta office market with average occupancies hovering around the 78% mark. Broker comments published in the Atlanta Business Chronicle indicate leasing activity is still sluggish going into 2012 with everyone expecting more of the same until the economy begins generating jobs.
The EpiCity office portfolio is currently 100% leased except for the Powers Ferry Business Park, which is 97% occupied. We attribute this good fortune to several key factors.
First, the properties are all quality buildings in excellent locations. Second, the various ownership entities have been conservative in their capital structure and had sufficient reserves during the downturn. This allowed them to improve their buildings as necessary to keep them competitive, offer quality tenant improvement packages, and pay broker commissions.
These attributes, combined with the help of EpiCity, contributed to leasing success. EpiCity clients and customers always have a leg up over most of the competition because of our extensive support, including our ability to aggressively market the property, design attractive yet affordable improvements, perform the construction in-house, provide add-on services such as phone and data center management for smaller tenants, and provide one point of contact for property management and maintenance needs.
For clients with unique buildings or challenges, EpiCity’s comprehensive and nimble approach is often the difference that helps to achieve exceptional performance.
Rob Binion of Lavista Associates was quoted in the November 4-10, 2011, Atlanta Business Chronicle (page 5D) as saying: “2011 has proven to be the year of flight to quality…”
EpiCity echoes this observation noting that properties like The Lumberyard are examples of how office tenants are looking for something more than average. This 68,000 SF adaptive reuse of a 40-year-old warehouse and light manufacturing facility into an office loft development received two remarkable awards. First, it won an Award of Excellence for Adaptive Use from the Atlanta Urban Design Commission and then a Georgia AIA Award of Merit for Adaptive Reuse. With its Midtown West location convenient to everything in-town and the Bone Garden Cantina onsite, the property has tremendous appeal to newer creative, and technology companies. Today the property is 100% leased.
On the other end of the experience spectrum is the 260,000 SF Powers Ferry Business Park. This flex development is located in the suburban northeast quadrant of the intersection of I-75 and I-285 in the Cumberland Community Improvement District. With meticulous attention to maintenance, stunning landscaping and an unparalleled amenity package, Powers Ferry Business Park appeals to traditional business owners who want the landlord to take care of all their real estate needs without any fuss while they take care of their business. EpiCity’s low key, high touch approach fits them perfectly. Today the property is 97% occupied.
These are just two examples of how a well positioned, well run and properly promoted property can achieve better than average results even in today’s environment.
Contact Tom Stokes at 404-995-9494 if you’d like to discuss the Atlanta market in general or how EpiCity might be of help with your commercial real estate needs.
Photo Credit: TeamBuildingInc.com