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Offi ce Submarket Report ATLANTA | BUCKHEAD Q4 2019 Key Takeaways Market Indicators Buckhead Buckhead > Buckhead posted its highest quarterly absorption number of the Relative to prior period Q4 2019 Q1 2020* year in Q4 with gains topping 134,000 square feet. This halted a VACANCY four-quarter slide, and gave the submarket its fi rst positive year since 2016. NET ABSORPTION - > A multitude of move-ins in the 20,000-25,000 square foot CONSTRUCTION -- range took place this quarter, highlighted by companies such as RENTAL RATE Salesforce, Harrison Design, and Evident ID. > The submarket’s vacancy rate fell 60 basis points (-0.6%) from *Projected Q3; however, it remains unchanged from this time last year. > Rents in Buckhead saw yet another increase overall, this time increasing by 1.0%. This marks 25 consecutive quarters with an Summary Statistics All Buckhead Offi ce Market Classes Class A Class B uptick. During this time, the average has jumped almost 50%. Total Inventory > While positive gains were welcomed this quarter, Buckhead is in for (Millions Square Feet) 21.4 16.3 4.5 a challenging year as a number of consolidations are expected. The largest of these will be AT&T vacating Lindbergh City Center. Vacancy Rate 13.5% 15.4% 8.4% Absorption, Deliveries and Vacancy Change From Q3 2019 -0.6% -0.8% 0.1% 150,000 15% Absorption YTD 43 101 -63 14% (Thousands Square Feet) 100,000 13% Construction Deliveries YTD 49 - 49 50,000 12% (Thousands Square Feet) Square Feet 0 11% Under Construction 340 340 - 4Q18 1Q19 2Q19 3Q19 4Q19 10% (Thousands Square Feet) (50,000) 9% Asking Rents (100,000) 8% Per Square Foot Per Year Absorption Deliveries Vacancy Average Quoted $36.28 $37.68 $27.45 Change From Q3 2019 1.0% 1.5% -1.4% UPDATE - Recent Transactions in the Market Notable Leasing Activity TENANT PROPERTY LANDLORD SIZE (SF) TYPE QGenda Terminus 100 Cousins Properties 47,670 Class A Lease Greenberg Traurig Piedmont Center 15 The Ardent Companies 15,860 Class A Renewal Balentine, LLC 3344 Peachtree Cousins Properties 14,438 Class A Renewal & Expansion March of Dimes 3495 Piedmont Rd. The Ardent Companies 13,459 Class A Expansion Notable Sales Activity PROPERTY SALES DATE SALE PRICE SIZE (SF) PRICE / SF BUYER Salesforce Tower 7/31/2019 $205,000,000 631,274 $325 Kohlberg Kravis Roberts & Co. Lindbergh City Ctr. - Offi ce Towers 9/26/2019 $160,000,000 955,000 $168 Rubenstein Partners 3535 Piedmont Rd. 2/6/2019 $58,000,000 300,454 $193 The Ardent Companies 135-173 W Wieuca Rd. 12/12/2019 $7,825,000 40,114 $195 Edward Andrews Homes Sources: CoStar Property, Colliers Research Skyline Review Space Available Direct Sublet 50 45 40 35 30 Floors 25 20 15 10 5 Salesforce Tower BUILDING 3344 Peachtree 3630 Peachtree Two Alliance Center Tower Place 100 Atlanta RBA 484,527 SF 631,808 SF 436,309 SF 491,888 SF 613,821 SF TYPICAL FLOOR SIZE 22,000 SF 23,000 SF 28,259 SF 25,000 SF 19,586 SF % LEASED 99.3% 85.4% 88.4% 87.6% 90.6% LARGEST SPACE AVAIL. 12,000 SF 20,469 SF 16,559 SF 33,654 SF 20,724 SF RENTAL RATE PER SF (Gross) $46.50-$47.00 $39.00-$41.50 $40.00-$43.00 $42.25 $38.00-$40.00 12345 3 3 2 7 9 3 8 4 8 5 10 7 1 5 1 1 2 4 9 11 10 6 6 2 12 2 Offi ce Submarket Report | Q4 2019 | Buckhead | Colliers International - Atlanta New Development 1 Source: CoStar Property 3354 PEACHTREE Mixed-Use Project 560,000 SF Offi ce 9,500 SF Retail 300 Apartment Units 60 Condos Construction Pending Developer: Regent Partners 2 One Alliance Terminus 100 Three Alliance Monarch Tower Monarch Plaza Center 656,000 SF 506,647 SF 527,761 SF 556,495 SF 368,688 SF THE OFFICE AT 24,259 SF 25,500 SF 23,262 SF 27,824 SF 25,124 SF BUCKHEAD ATLANTA 315,000 SF Class A Offi ce 77.3% 95.5% 91.5% 86.4% 80% Construction Pending Developer: Oliver McMillan 95,340 SF 20,800 SF 18,776 SF 50,490 SF 31,327 SF 3 $41.50-$42.50 $51.50-$52.50 $41.00 $41.50 $39.00-$40.00 67 8910 Aerial Legend Points of Interest UGA Terry College 1 Lenox Mall 7 of Business Campus 1 PHIPPS PLAZA 340,000 SF Class A Offi ce 2 Phipps Plaza 8 The Whitley Under Construction Buildings by Number Developer: Simon Property Gr. (see opposite page) Lenox Intercontinental 3 9 Market Place Hotel MARTA Rail Line 4 Tower Walk 10 New Construction Grand Hyatt 5 Buckhead Station 11 JW Marriott Atlanta History 6 12 Buckhead Atlanta Center 3 Offi ce Submarket Report | Q4 2019 | Buckhead | Colliers International - Atlanta In The News FOR MORE INFORMATION > Loudermilk moves forward on Buckhead Village offi ce project: Loudermilk has brought plans for an offi ce building in Buckhead Village before Buckhead offi cials. The Atlanta developer is Scott Amoson planning to build a 127,440 square foot offi ce building at 359 East Paces Ferry Road, to also VP, Director of Research | Atlanta include 8,000 square feet of retail space. The estimated $70 million building is slated for a +1 404 877 9286 ground-breaking in late spring of 2020. This is not the only project Loudermilk is working on in [email protected] Buckhead: they have partnered with Regent Partners to bring a Thompson Hotel to 415 East Paces Ferry Road. Those working and/or living in that area of Buckhead are going to be surrounded by new development, as CA Ventures is building a 225-foot apartment tower, and Jamestown is COLLIERS INTERNATIONAL upgrading the Shops Buckhead Atlanta, all within a few blocks of the Loudermilk project. ATLANTA OFFICE SPECIALISTS > CareerBuilder marketing Buckhead offi ce space: The employment website has decided to Allison Bittel Paul Reese market two of the three fl oors it occupies at 3445 Peachtree Road; with the potential of subleasing Frank Cannon Morgan Reynolds the third fl oor as well. This could result in potentially 58,000 square feet of space available in the nearly 300,000 square foot offi ce building overlooking Lenox Mall. CareerBuilder is not Scott DeMyer Emily Richardson leaving the Atlanta market entirely, as it maintains an IT headquarters in Peachtree Corners. The Jessica Doyle Jodi Selvey Buckhead offi ce was sales-oriented, and employed at least 200 people. The company considered Lee Evans Meredith Selvey the space to be under utilized which is the reason it is subleasing. Deming Fish Fred Sheats Josh Gregory Pete Shelton AT A GLANCE | Buckhead GA 400 Park > Signature 9-acre park in the heart Russ Jobson Hayes Swann of Buckhead. Jeff Kelley Andrew Waguespack > Over a half-mile long greenspace Dany Koe Andrew Walker to span across GA 400, connecting Eric Kulbacki Bob Ward Lenox Road to Peachtree Road. Drew Levine Stewart Yates > $250 million plan estimated to Michael Lipton draw 2.6 million visitors per year. > Buckhead CID Board approved work necessary for the planning and design phase of the park. > Ground-breaking is hoped to begin in 2020, with completion in 2022. Colliers International | Atlanta Offi ce | Buckhead Listings 1776 PEACHTREE 840-56,000 SF Lease Scott DeMyer/ Emily Richardson Colliers International | Atlanta Promenade | Suite 800 1230 Peachtree Street, NE Atlanta, Georgia, 30309 Copyright © 2020 Colliers International. +1 404 888 9000 The information contained herein has been obtained from sources deemed reliable. While colliers.com/atlanta every reasonable eff ort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional4 advisorsNorth priorAmerican to acting onResearch any of the material & Forecast contained Report in this report. | Q4 2014 | Offi ce Market Outlook | Colliers International.
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