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Buckhead Apartments | Finding the Gem among Thousands of Choices

Apartment hunting is a sport and a business. Just like anything else that is worthwhile, it takes hard work, determination and a fair share of luck to secure the apartment of your dreams. For many businesses, the recent economic collapse has been a wake up call. Too many people overextended their resources and have now fallen into debt. Be sure to consider these pitfalls when searching for your new apartments. It could be the difference between feeling settled and feeling scared.

From Douglasville to Duluth, from Morrow to Marietta, retail vacancies are rising as old centers lose some tenants and new ones â'' conceived and launched before the recession hit with full force â'' continue to come onto the market.

A report by CoStar Group says the amount of vacant square footage in the region topped 28 million in the first quarter. Thatâ''s enough for about 140 Wal-Mart Supercenters.

The regionâ''s retail vacancy rate grew to 9.9 percent in the first quarter, the report said, up from 7.8 percent a year earlier and its highest point this decade.

â'œIt was overbuilt. No question,â'? said Richard Poland, regional research manager for CoStar, a real estate data firm that produces the Atlanta Retail Market report.

â'œEvery little suburb was over-retailed. Every little corner had a five-unit shopping center on it,â'? said Poland. â'œAnd the economy caught up.â'?

Agreed McMurrain: â'œThere are a lot of strip centers that should never have been built, never should have been lent on, and donâ''t have any anchors.â'?

Jon Barry, president of Colliers Spectrum Caubleâ''s retail brokerage, said Atlanta could be in a for â'œnew phenomenonâ'? as projects sit empty or unfinished for years.

â'œThatâ''s something weâ''ve never experienced in Atlanta,â'? he said, â'œLooking at carcasses. Weâ''re used to seeing really rapid construction and completion.â'?

McMurrainâ''s Crossroads Village was built on speculation, meaning it wasnâ''t pre-leased prior to construction. Itâ''s adjacent to an ALDI supermarket and two fast-food franchises, Burger King and El Pollo Loco.

McMurrain said four more restaurants are moving in: Pirateâ''s Paradise Pub; Havana Sandwich Shop; Flamingos, a Mexican restaurant; and a Little Ceasars pizza franchise.

â'œBuford highway is an anomaly for Atlanta,â'? McMurrain said, meaning the area and its strong ethnic mix supports such enterprises.

â'œEthnic areas,â'? he said, â'œare very entrepreneurial and are staying leased.â'? Heâ''s hopeful the center will fill up by the end of 2009 as it adds small shops like nail salons.

His leasing agent, Amy Kennedy of The Shopping Center Group, said restaurants are easier deals to land right now. Four of her last five deals have been with eateries.

She cited two reasons: Restaurant equipment is being sold for as low as 20 cents on the dollar, and restaurant owners are putting up their own cash instead of seeking bank loans.

But not every area will be as fertile as Buford Highway.

In the suburbs, where land was cheaper, making for lower barriers to entry, vacant retail space could take years to fill, said Barry.

He returned last week from the International Council of Shopping Centers convention in Las Vegas, and he said the tables have definitely turned in favor of tenants.

So there you have it, moving to Buckhead is certainly an option for apartment hunters. The area is nice, with plenty of cultural attractions, and living in the heart of Atlanta has tremendous appeal, both financially and for work.

About the Author:

Michael Russell writes about a variety of subjects. This article discusses Buckhead apartments. For more information, visit Promove.