CarterBlog

Carter Analyzes Q3 Construction Activity

By Todd McCarty, director of marketing, Carter

ATLANTA (Oct. 26, 2011) – Office and industrial numbers for third quarter are in and we know our Carter blog readers would be interested in an update.

According to numbers from CoStar, the amount of speculative office space under construction in metro Atlanta increased in third-quarter 2011.

At the end of the quarter, 420,150 square feet of speculative office space was under construction in the market. When the second quarter ended, 352,650 square feet was under construction. However, the third-quarter 2011 figure does represent a decrease from the end of the same period in 2010, when 451,318 square feet of speculative office space was under construction.

No speculative office projects were delivered in third-quarter 2011. That’s down from the 40,162 square feet delivered in the second quarter. Two of the significant 2011 office deliveries include the 40,162-square-foot New Hampton Place, which was delivered in the second quarter and is now 56 percent occupied, and the 19,015-square-foot 6670 Merchants Way, which was delivered in the first quarter and is now completely occupied.

As for the Atlanta industrial market, the amount of property under construction decreased from second-quarter 2011 to the third quarter. At the end of the third quarter, 513,550 square feet of space was under construction. When the second quarter ended, 983,556 square feet was being built. At the close of third-quarter 2010, nearly 1.6 million square feet was underway.

More than 470,000 square feet of industrial space was delivered in the third quarter. That’s quite a bit more than in the second quarter, when no industrial space was delivered.

One of 2011’s notable industrial deliveries, according to CoStar, is the 1.2-million-square-foot 1595 Oakley Industrial Blvd., which was delivered in the first quarter and is now fully occupied. 

 

Carter Completes Lease Renewal and Extension for Brasfield & Gorrie

By Malloy Peterson, vice president of marketing, Carter

ATLANTA (June 27, 2011) - Carter brokers Bradley Fulkerson and April Hawkinson just completed a 10-year renewal and extension of Brasfield & Gorrie’s 69,713-square-foot Atlanta Regional Headquarters at Barrett Summit in Kennesaw. Brasfield & Gorrie is a full-service, general contracting, construction management and design/build service provider based in Birmingham, Ala.

Bradley represented B&G when they originally moved into the facility in 2000, and has assisted with several expansions of the original premises during B&G’s occupancy. Although B&G has several years remaining on their lease, the current transaction is a term extension and rental rate reduction as part of a debt restructuring for the entire Barrett Summit, a three-building complex on Vaughn Road in Barrett Office Park.

“Brasfield & Gorrie’s space at 100 and 200 Barrett Summit is the perfect long term location for them,” Bradley says. “B&G built the building and their interior space when they originally moved in, and Carter helped B&G negotiate an ownership position in the property in partnership with Pope & Land. Renewing the lease, restructuring the rental rate and committing for the next 10 years is a great move for B&G and for the project partnership!”

The Carter/Brasfield & Gorrie relationship dates back to the 1980’s and includes many of Carter’s iconic past development projects and other notable Atlanta projects, including: Colonnade, Birmingham, Alabama; BellSouth Headquarters, Nashville, Tennessee; The Georgia Dome; The Georgia Aquarium; 217 17^th Street; Phipps Tower; 3630 Peachtree Street; Bellsouth Midtown; and many more. And in Cincinnati, Brasfield & Gorrie is finishing up the first phase of The Banks, a $600 million mixed-use project in downtown Cincinnati. Carter is the project’s master developer.