Bankruptcy

"Bloodbath" Coming To Buckhead Because Of Overbuilding?

By Scott Riddle

An article in the Atlanta Journal discusses the current real estate market in Atlanta, specifically Buckhead, and some people believe a crash is imminent.  See Atlanta a poor choice for real estate investment, report says; City is overbuilt, ‘bloodbath coming’ in construction-crazy Buckhead, Urban Land Institute says, by Kevin Duffy.

All the construction activity in Buckhead is “goofy.” That description comes not from a disgruntled neighbor but the Urban Land Institute, a national organization of developers, many of whom are in Atlanta...

Next year “promises tough times [in Atlanta] as an overbuilding hangover and slipping demand roil investors,” states the report, now in its 30th year. “It’s no time to buy in any of the property sectors. Office developers play a game of chicken in Buckhead, where a bloodbath is coming.”

Buckhead absorbs less than 500,000 square feet of office space annually, but more than 2 million square feet is under construction, the report points out. “The goofy activity defies description.”

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Full post as published by Georgia Bankruptcy Blog on November 12, 2008 (boomark / email).