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National Office Group
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The National Office Group provides acquisition, marketing and recapitalization services for institutional quality properties around the country including Class A and B multi- and single-tenant office buildings and portfolios. Armed with your investment criteria, we have the ability to locate off-market, lender-owned and other stable or distressed purchase opportunities for you. The majority of portfolios and institutional-class office properties are offered on a confidential basis, so please contact us directly with your criteria. Some sellers are offering excellent investment properties at this link. To share your purchase requirements, contact the National Office Group at 800-408-2855.
Institutional sellers, loan servicers and banks are experiencing the proven results of Bull Realty's national and international marketing platform. Recent sales include: a 60,000 square-foot building in Alpharetta, Georgia; a 68,000 square-foot building in Newnan, Georgia; a 215,000 square-foot building in Texas; and several foreclosed smaller buildings. Properties can be sold confidentially, or maximum value can be achieved through Bull Realty's proven marketing platform. Contact Bull Realty at 800-408-2855.
Recapitalization: Bull Realty works with equity funds and private investors to joint venture with developers, REITS and lenders to recapitalize properties or portfolios. While Class A institutional office assets are preferred, the National Office Group also places investors for Class B and C as well as development and distressed properties. For confidential discussions, contact the National Office Group at 800-408-2855. Commercial Real Estate Show:
Atlanta Office Market 4th Quarter 2010 Review Economy The national economic recovery remained sluggish in the fourth quarter of 2010 as the general consensus amongst commercial real estate executives is that we are bouncing along the bottom of the recession and trying to round the economic recovery corner. A stagnant job market to showed little no real job growth and continued to weigh on consumer confidence, even as new jobless claims remained flat, and GDP growth surpassed estimates. Atlanta's economic recovery continued to lag the nation; though there were signs of gradual recovery in the fourth quarter 2010. Job growth, or the lack thereof, continues to remain a concern as it relates to the commercial real estate office market. Atlanta Office Market Atlanta's office market has begun to gradually rebound from the recession. Leasing activity has increased, but this activity is dominated by consolidation, downsizing, and tenant cannibalization amongst competing buildings; so the activity does not necessarily translate to lower vacancies. Tenants are still benefiting from aggressive concession packages and reduced rental rates, but these concessions are moderately improving in proportion to the overall market. Vacancy rates are averaging 20.3% in Atlanta, and around 23% in the Buckhead submarket according to Costar. Also according to CoStar, the year-end statistics for the 2010 Atlanta office market show 410,000 square feet of negative overall absorption including 64,000 square feet of negative overall absorption during the fourth quarter. Atlanta's office market reported negative overall absorption in three out of four quarters in 2010. More than 9 million square feet leased year-to-date, including about 1.8 million square feet of leasing activity during fourth quarter 2010. This is up from approximately 7 million square feet of leasing activity reported for 2009. New construction remains at a standstill with no new projects having been commenced in the last three quarters of 2010, other than a 60,000 square-foot build-to-suit project completed in the fourth quarter. This was Atlanta's first construction completion since 1.6 million square feet were completed in three speculative projects in the first quarter of 2010. Overall direct and sublease vacancy increased to 22 percent by year-end 2010 from 20.2 percent at year-end 2009. This represents the highest overall vacancy rate in Atlanta's office market since 2004. Sublease vacancies decreased for a fourth straight quarter to just less than 2.7 million square feet as a result of significant leasing activity. Overall average asking rental rates decreased just 0.4 percent from year-end 2009 to $21.23 per square foot as of year-end 2010, which indicates that rents In 2010, the Atlanta office market reported more than 1.8 million square feet of investment sales activity in 2010, compared to 1.3 million square feet in 2009. Roughly 340,000 square feet traded to investors in the fourth quarter of 2010. The Atlanta office market also recorded approximately 480,000 square feet of user sales activity in 2010. The vacancy rate was 17.4% at the end of the first quarter 2010, 16.7% at the end of the fourth quarter 2009, and 16.4% at the end of the third quarter 2009. Forecast The impact of an economic recovery in 2011 on Atlanta's office sector will be modest at best. The Atlanta office market will continue to struggle with high vacancies and tepid job growth into 2011. While investment sales activity is expected to increase over the 2010 numbers, we expect that the most sought after deals will continue to be the core stabilized product with long term credit tenants in place, as investors chase yield. The opportunistic and value add office opportunities will continue to lag, but an expected increase in the available distressed office assets offered by lenders and servicers in 2011 should create interest amongst We expect that some corporate users will choose to take advantage of the economic climate and own their buildings versus lease them. This is due to the availability of owner user debt, combined with a low interest rate environment and the shift in accounting for real estate leases on corporate balance sheets. Improving conditions in the employment sector will help stabilize occupancy levels, possibly by year-end 2011; though downward pressure on rents and the glut of available office space for lease and sublease will continue to impact property values. Debt markets are recovering as we begin 2011, but investment activity will remain concentrated on core assets and select value add opportunities. For more information contact Bull Realty at Info@BullRealty.com at 404-876-1640. Source: Casey Keitchen |
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