In a recent Wall Street Journal article, titled, “In Atlanta, Irrational Building Exuberance” that zeroed in on Atlanta’s troubled real estate market, Sovereign stood out as one of the only positives. The article states, “The Sovereign tower, a project by Regent [Partners], opened in mid-2008 and has managed to lease three-quarters of its space.”
There has been much speculation recently about Buckhead being over developed with too much open commercial real estate space and not enough tenants.
For a building that opened only one year ago, the commercial space in the building is over 75% occupied. In a good real estate market, being over 75% occupied after only one year is considered a success. The exquisite location off of Peachtree Road, as well as the first class amenities make Sovereign one of the most desired office spaces in Buckhead. Something else that helps to set this luxury high rise in Buckhead apart from the rest of the commercial real estate in Atlanta is the fact that Sovereign focuses on going the extra mile to ensure their customers are satisfied. You won’t find anyone at Sovereign caught up in talks of the recession or bad market.
You can’t deny the numbers, and Sovereign is filled almost to capacity in regards to commercial real estate. It would appear that no matter the state of the economy, if you develop an exceptional building like Sovereign, then the generalizations of the market do not apply to the development.