Metro Atlanta - Medical office building deliveries decline to historical lows. After the building boom of the late 2000’s peaking in 1st quarter 2007 with 553,000 square feet, deliveries are projected to be 100,490 square feet in 4th quarter 2009 and 34,060 square feet in 1st quarter 2010 and 127,000 square feet in 4th quarter 2010. The seven buildings that are scheduled to be completed include:Professional Drive
(on compus of Gwinnett Medical Center)
Gwinnett County
127,000 Building Square Feet
December 2010 Projected Completion Date
Developed by Meadows & Ohly
2575 Peachtree Pkwy
Forsyth County
15,840 Building Square Feet
October 2009 Projected Completion
Developed by medical practice
7335 Old National Hwy
Fulton County
21,000 Building Square Feet
October 2009 Expected Completion
Developed by investor
North Cobb Pkwy and Mars Hill Rd
Cobb County
12,000 Building Square Feet
November 2009 Expected Completion
Developed by medical practice
1887 Powder Springs Rd
Cobb County
16,950 Building Square Feet
December 2009 Expected Completion
Developed by investor
684 Sixes Rd
Cherokee County
35,000 Building Square Feet
December 2009 Expected Completion
Developed by investors on a Northside Hospital ground lease.
2000 Village Professional Dr
Cherokee County
34,060 Building Square Feet
February 2010 Expected Completion
Developed by investor
Quoted rental rates range from $19.00 to $22.00 per square foot plus CAM (common area maintenance), utilities and janitorial. Improvement allowances will vary depending on the term of the lease which will range from $30.00 to 50.00 per square foot. Landlords expect a 5-year term minimum. All these properties have suites available for lease with the exception of 684 Sixes Road, which has Letters of Intent out on vacant spaces that will bring the project to 100 percent preleased.
For detailed information on these or any other medical office buildings in the Southeast Region give us a call or email Richard Smith.
