The Cumberland/Galleria submarket has been one of the slowest to recover from the recession; at the beginning of the year, vacancy rates were about 17%, some of the highest in Atlanta. But things are starting to turn around for the area, thanks in large part to the Braves organization’s announcement of their plans to construct a new stadium and accompanying retail developments right in the middle of the struggling submarket. Landlords saw over 250,000 SF absorbed in the third quarter of this year and the vacancy rates plummeted to 11%.
Perhaps influenced by the Braves’ announcement, Greenstone Properties has decided that they’re ready to construct the city’s first new building of the cycle. The company has purchased more than seven acres where Cumberland Blvd meets I-75 and plans to construct a 10-story, 237,000 SF office building, as well as 250 apartment units and 8,000 SF of retail space. To give Greenstone a little extra confidence boost, Preferred has already committed to taking 60,000 SF for its new HQ location. If all goes according to plan, Greenstone’s new development could be a quarter-mile walk from the new Braves stadium. Greenstone could break ground as early as December.Share