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July 18, 2013

IN THE NEWS – North Fulton County Market Report

Tight space boosts North Fulton office market | Martin Sinderman
Atlanta Business Chronicle

Driven primarily by demand for space by tech-based companies, activity in the North Fulton/upper Georgia 400 office market is picking up this year.

And the conventional wisdom these days is that things could get a lot better as the Central Perimeter market immediately south continues to tighten up.

Significant North Fulton lease deals done so far this year, according to Ryan Hudson, first vice president of CBRE Brokerage Services, include those by property/asset management software provider Yardi Systems Inc.; accounting firm Ernst & Young LLP; telecom icon AT&T Inc.; cloud/networking/virtualization technologies provider Citrix Systems Inc.; and telecommunications services provider Telegration Inc.

“We see increasing activity in the market, but the supply of space outweighs the demand,” said Hudson, adding that overall vacancy here stood at 23 percent as of the end of the first quarter, up from 21 percent last year.

“We’re seeing landlords trying to hold onto the face rate,” Hudson said. “There are free rent packages, and landlords are getting creative in providing tenants flexibility with tenant improvement and relocation allowances.”

That depends on what segment of the market you’re looking at, according to Ackerman & Co. Senior Vice President Ted Schwartz, a tenant rep whose north Atlanta beat includes the Georgia 400 corridor.

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