Cushman & Wakefield’s 1 MSF Leasing Assignment in Atlanta
- Dec 16, 2019
Avistone has selected Cushman & Wakefield to lease up the company’s more than 1 million-square-foot industrial/flex portfolio in Atlanta.
The five-property collection is located throughout the northwest and northeast Atlanta submarkets and includes Northwest Business Center totaling 470,971 square feet, Peachtree Corporate Center with 198,156 square feet, 2600/2650 Pleasantdale Road with 86,792 square feet, The Green at Northwoods with 110,449 square feet, and Gateway Oaks with 152,179 square feet.
According to Allan Popper, Avistone’s vice president of asset management, company representatives were impressed with Cushman & Wakefield’s work on the recently acquired Gateway Oaks property, and put the brokerage firm in charge of the entire portfolio. Cushman & Wakefield’s Pat Murphy, Tara Healy and DeVonne Boler from the Atlanta office will be overseeing leasing efforts. Murphy has also been in charge of leasing a 260-acre master-planned industrial park in Atlanta’s Logistics Corridor.
Avistone’s portfolio currently spans more than 20 industrial business parks totaling more than 2.5 million square feet throughout California, Georgia, Ohio, Texas and Florida.
Atlanta’s improving industrial market
With companies like Avistone in the region, Atlanta’s industrial market has been seeing consistent growth for the past few years, according to Cushman & Wakefield’s third quarter report.
While net absorption dipped to 6.8 million in the third quarter of 2019 from the 7.1 million during the same time last year, the strong absorption rate has driven the overall vacancy rate to recent historical lows. According to the report, vacancy rates have gone down to 7.1 percent in the latest third quarter, down from 7.9 percent in the third quarter of 2018. The average asking rent also increased throughout the third quarter to $4.96 per square foot, up 11 percent since the end of 2018, and is expected to increase further in the next 12 months.