News2018-09-26T00:16:38+00:00

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109, 2018

Piedmont Real Estate Group sells Woodstock Office Building

Piedmont Real Estate Group recently closed the sale 131 Village Center Parkway, Woodstock, GA.  The property, a 9,230 square foot two story office building sold for $1,260,000 million.  The property design was an attractive elevation in the style of an early 20th century manufacturing facility. The property was partially

1508, 2018

Piedmont Real Estate Group Sells Flex Properties in Downtown Woodstock

Piedmont Real Estate Group recently closed the sale of four flex buildings in downtown Woodstock, GA for $3,575,000.  The property, located on Arnold Mill Road, consisted of approximately 47,500 total square feet and was leased to multiple tenants at the time of the sale. David Hacker, Senior Vice President

1607, 2018

Piedmont Real Estate Group Sells Woodstock Medical Park For $4.2 million

Piedmont Real Estate Group recently closed the sale of Eagle Drive Professional Park in Woodstock, GA for a $4,200,000.  The property, located at 1816 Eagle Drive, consists of approximately 20,432 sf, in two buildings and was fully leased at the time of the sale.  Tenants included dental and orthodontic

Leasing

The Atlanta office market is in a solid position, in part because of competitive advantages compared to major metros in the US. Office rents in Atlanta are about 15% lower than in Chicago, 40% less than in Los Angeles, and 60% below New York rates. The general cost of living in Atlanta is also less for workers compared with the average among the top 12 U.S. metros, and such affordability will help fuel late-cycle gains in white-collar job growth. And despite a rise in office deliveries, demand has been strong enough to keep vacancies flat the last few years.

Demand is diversifying across industries and   submarkets .  While Buckhead and Midtown will always attract big tenants, such as NCR’s new Midtown headquarters, many of the largest leases signed in Atlanta over the past several years have involved large national companies in submarkets outside the core. Most notably, the Cumberland/Galleria Submarket, initially a laggard in the recovery, has recently experienced a surge in leasing. Comcast inked a deal for 260,000 SF in the SunTrust Park development to consolidate some of its Atlanta area offices and add an innovation center. While HD Supply signed a lease for 222,000 SF in a build-to-suit just down the road that will accommodate its HQ expansion in Cumberland/Galleria, which is expected to create hundreds of additional jobs. State Farm has been moving into its new campus in Central Perimeter, and while the locations and industry types have been varied, one theme remains consistent: Quality product is winning out. New and recently renovated buildings continue to capture a large share of major leases.

Large deals in Atlanta have varied by industry, but tech and IT leasing are accelerating absorption in multiple nodes. Midtown has been the big winner in recent quarters. Among large leases executed over the past two years, Midtown has captured much of the space filled by tech-leaning companies or divisions across the metro. NCR (consumer transaction technologies) is relocating thousands of employees from Gwinnett County to its Midtown build-to-suit, and Kaiser Permanente has announced that it will hire 900 IT workers in Midtown by 2019. Other IT operations of Fortune 500 companies that recently announced a move to Midtown include Honeywell, Anthem, and GE. Hometown-startup SalesLoft recently announced an expansion to 70,000 square feet at its current office at Regions Plaza in Midtown, which will occupy the top three floors. Motivations cited for such moves include proximity to Georgia Tech and increasing the companies’ appeal to a young, tech-oriented workforce.