Brian Netzky and Michael Morgan of Julien J. Studley handled the transaction. Mark Dishaw, First Industrial's senior regional director, estimates the vacancy level in metro Atlanta's 450-million-sf industrial real estate sector at 15% to 17%. Average occupancy in the submarket is 81%.
"Like most metropolitan areas, net aborption has been weak" in Atlanta's industrial market, Dishaw tells GlobeSt.com. "The silver lining is that there is little or no new spec construction," which will help the market use up its inventory.
In past years, about 15 million sf of new space surfaced annually, the Chicago executive says. "Of course, net absorption was also strong in those periods and the market absorbed most of the new product."
But Dishaw says there is still a large volume of sublease space in the metro Atlanta market as companies consolidate their operations and use less space to run their businesses. "We might have another year to go" before a good portion of the inventory is absorbed, he adds.
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