Posted on: October 30th, 2012 by admin@cpp
The greater Georgia commercial real estate market may be improving, as the area of Dunwoody showed improved conditions at the end of the third quarter, according to the Dunwoody Crier.
Office space in the Perimeter had an average price of $19.79 per square foot during the third quarter. Additionally, citing CoStar Group, the news source noted that the Central Perimeter area had nearly 82 percent of its office property already leased at that point. The price level in the Perimeter was comparable to some parts of Atlanta. Specifically, the area of Buckhead, the uptown section of the capital, had an office space price average of $24.32 per square foot.
One real estate expert told the news source that the level of retail and office leases in the city remained stable during the third quarter. This may have been because it is in a good location and has a large number of options that directly benefit employees and their companies.
Many lease transactions occurred in the greater Atlanta area during the third quarter, CoStar Group reported, according to the newspaper. Of the 10 largest deals, six were completed for properties in the Perimeter.
The area is so attractive because it is a hub for dining and retail properties and is easily accessible to two major roads ? interstate 285 and Georgia 400, the newspaper explained. Additionally, the area has several access points to the Metropolitan Atlanta Rapid Transit Authority. The city is located within an easy trip to downtown Atlanta, as well as Hartsfield-Jackson International Airport.
Commercial market aids Dunwoody residential properties
The continued increases in the Georgia commercial real estate market may be aiding the area's residential market, as more consumers may be moving to Dunwoody. The news source explained that properties experienced a shorter time on the market during the third quarter. Additionally, there was a jump in the level of new residential construction during the first three quarters of the year.
The news source added that asking prices for residential properties also were closer to offered prices. Overall, the average sales price for residential properties in the Dunwoody area during the third quarter was more than 90 percent of the average asking price.
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