Bargain Leases Lure Businesses Back to Cities
Many companies continue to abandon major urban areas for cheaper, suburban
digs, but other businesses are seizing this opportunity to gobble up vacated
prime commercial space in central business districts nationwide and take
advantage of revitalization in these markets.
For example, BellSouth Corp., is consolidating 25 of its mostly suburban
offices into three new buildings in Atlanta. The company owns the new
structures, which are all located on or near Metropolitan Atlanta Rapid
Transit Authority lines. The company is even subsidizing monthly transit
passes to save BellSouth staffers expenses.
In Oklahoma City,
meanwhile, taxpayers have poured an estimated $400 million into the downtown
Bricktown community over the last 10 years, sending the Class-A downtown
vacancy rate plummeting from 20 percent five years ago to 12 percent today.
Investment company MTV Associates is among the companies to open new offices
in the market.
"We wanted to get back into the thick of things, back into a central
business district that's clearly undergoing a positive transformation and
revitalization. And we wanted to be closer to a lot of people we do business
with," explains Vice President Gary Hancock.
Source: Wall Street Journal
(06/11/03);
Chittum, Ryan
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