REIT's Area Leasing Activity Tops 63,000 SF

ATLANTA- Raleigh, NC-based REIT Highwoods Properties is reporting strong leasing conditions in the company’s metro area properties with seven leases totaling 63,383 sf signed in recent months. “We’re encouraged by the high level of leasing activity in all of our submarkets as the new year begins,” says Highwoods Atlanta division director of leasing and marketing John O’Keefe.

Included in the transactions, Arbitration Forums Inc. signed a lease renewing 18,878 sf and Davita Inc. signed an expansion lease of 3,382 sf, increasing its space to 12,382, at 50 Glenlake Parkway in Glenlake Office Park in Sandy Springs. Eric Ramer of Icon Commercial Interests represented Arbitration Forums. Brent Armstrong, of Armstrong Group, represented Davita. Senior marketing representative Mike Wells represented Highwoods.

In addition, American Health Imaging Inc. leased 10,847 sf at 1800 Century Center. Ryan Hudson, of CB Richard Ellis, represented the tenant and Wells represented Highwoods. Adisseo USA Inc. leased 6,470 sf and Pipeline Data Processing Inc. renewed an expanded lease of 9,158 sf at One Point Royal in the Royal 400 Office Park in Alpharetta. Jody Selvey, of Colliers Spectrum Cauble, represented Adisseo USA. Marketing representative John Grimsley represented Highwoods.

Rounding out the deals, Advectis Inc. renewed an expanded lease of 11,590 sf and Sensus Metering Systems Inc. leased 3,058 sf at Two Point Royal in Alpharetta. Ken Ashley, of Cushman & Wakefield, represented Advectis. Liz Love, of Staubach, represented Sensus Metering Systems. Grimsley represented Highwoods.

According to a CB Richard Ellis Q4 Atlanta office market report, the metro area was experiencing a 19.3% vacancy rate at the end of 2006 with just over 2.6 million sf of absorption during the year and average asking rents of $20.06 per sf. “With more than 2.6 million sf of net absorption in 2006, the metro vacancy rates continued to fall reaching a four-year low by year’s end,” the report states.