Holcomb Woods Park Racks Up 45,232 SF of New Leases

Lincoln-owned Holcomb Woods Business Park, a four-building, 243,630-sf complex, attracted new tenants Inter-Tel Inc. of Tempe, AZ, 21,129 sf; Towersource Inc. of Lansdowne, PA, 4,589 sf; CD Partners of Atlanta, 1,856 sf; and the Grapevine Group, 4,556 sf.

Bubba Chrismer and Christopher Scott of Cresa Partners negotiated for Inter-Tel Inc. Bruce May of Piedmont Property Co. represented Towersource Inc. Mike Dolan of the Staubach Co. handled the leases for CD Partners and the Grapevine Group.

GPM Industries Inc. expanded its leases to occupy 2,802 sf in Building 400. Park renewals included Godfrey Hirst USA Inc., 2,540 sf; Boaz Payment Systems, 2,871 sf; and Fulton County government, 4,889 sf in Building 100. Piedmont Property's May negotiated for Boaz Payment Systems.

Lincoln brokers would not disclose the age, occupancy level or average asking base rent range at Holcomb Woods Business Park. But data at locally based Bullock Mannelly Partners Inc. show the park is about 72% occupied at average asking gross rent of $10 to $10.50 per sf. The four buildings, 100, 200, 300 and 400, were built in 1986 and renovated in 1998.

Another brokerage house, locally based Colliers Cauble, puts the vacancy level of the 12 million sf of class A office space in 83 North Fulton County buildings at 27.8%. The eight million sf in 157 class B buildings stand at 24.8%. And the 404,274 sf in 15 class C buildings are 13.8% empty. Colliers Cauble figures class A average asking rents at $18.13 per sf; class B, $15.46 per sf; and class C, $12.60 per sf.

There is only 16,000 sf of new product under construction in the North Fulton submarket. Second-quarter net absorption for the entire submarket was a negative 162,505 sf. In the class A sector, the absorption was a negative 234,704 sf; class B, a positive 75,899 sf; and class C, a negative 3,700 sf.