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Now, less than half that the team is tryingy to gain groundon Atlanta's leaders in retail The Shopping Center Grouo LLC and Colliers Spectrum Cauble Inc. The problenm is that the real estate boomis over, and the retaio sector may be doing worse than any "This is a difficult time, but it also presentxs opportunities for people who want to go out there and get aftet it," said Tony Cerniglia, vice presiden of CBRE Retail Services. Cerniglia, whose work is almosg always on the landlord side ofthe business, said that'xs the area CB Richard Ellix is looking to grow.
Whiler CB Richard Ellis is the largest brokerage house in Atlanta based on sales volume andleasing it's not the biggest player in retail. But, Cerniglia says he is tryinyg to increasehis team'ws size and profile. CBRE is workinv more with lenders who have been forced to take back nonperforminh retail centers from the developerswho couldn't generate any positive cash flow on the With commercial property values down abougt 30 percent even on Class A retail, and consumer spendingf still way off the pace of recent years, many retail owners are seeing their propertiews go back to the bank.
"You know, for the first time that I can I'm having to qualify the owners we may end up workinf with as much as I dothe tenants," Cerniglia said. Cerniglia'sd team has about 1.2 million square feet of retail to leas e upin Atlanta. And there are a few big fish out thersto catch. CB2, an offshooty of home furnishings chainCrate & Barrel geared towarc Generation Y, is considering whether to enter the Atlantsa market. Crate & Barrel, based in Ill.
, that Atlanta is one of the metroareae it
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