Atlanta Office Space Glut Mirrors Situation Nationwide and Provides Opportunity for Attorneys
As we mentioned in my previous post, "I Can't Get No Satisfaction Looking for a New Law Office in Atlanta", unused law offices exist. Commercial vacancy rates in Atlanta increased by almost 2 percent between the end of 2009 and 2010. Cushman & Wakefield reported this as the highest overall vacancy rate in Atlanta (including direct and sublease space) since 2004.
Despite this, sublease vacancies in Atlanta did decrease steadily during 2010 to just below 2.7 million square feet. As one of the country's most vibrant cities, Atlanta is usually ahead of national economic improvement trends, but overbuilding in the commercial building sector before the economic downturn in 2008 left the market with an overabundance of commercial space. Other cities like Phoenix and New York are also experiencing this issue due to overbuilding, while key Midwest markets such as Chicago, Cleveland and Detroit are suffering due to slow redeployment of the workforce. In most markets, the continuation of downsizing efforts combined with consolidation of businesses in 2010 has made the recovery difficult. While the lagging economic indicators may dishearten landlords and commercial developers, conditions are ripe for bargain hunters or any individual looking for a place to hang a shingle for their business. Many commercial landlords are offering leasing at discounted rates to lure prospective clients, while some high-end developments are providing luxury amenities for little or no cost in an effort to boost occupancy rates.
Perhaps most intriguing is that subleasing opportunities abound as businesses seek to rent out unused office space that is damaging to profits. Many law firms fall within this category. These firms cut back on staff and currently have open offices that can be filled with professionally compatible lawyers in need of an executive environment in which to operate. Especially for law firms, the right match can benefit both parties well beyond the landlord/tenant arrangement.
In 2010, Elaine M. Russell created www.LawSpaceMatch.com, a service that matches lawyers seeking to sublet space with unoccupied office space at compatible law firms around the country. Elaine M. Russell is a corporate and business attorney representing clients throughout Georgia. Elaine's office is located in the Buckhead section of Atlanta. Resources: C&W: Atlanta's Office Market Shows Improvement in 2010, Posted January 6, 2011, City Biz Real Estate