More saving. More doing. More expanding? Home Depot (NYSE:HD), whose 1.7 million-square-foot headquarters is located just northwest of Atlanta in Vinings, is stretching its legs. According to two real estate executives with inside knowledge of the plans, the company could be searching for up to 300,000 square feet of additional office space near and around the campus. As of now, the campus, including several office buildings scattered throughout the area, is home to 5,000 people associated with the company. Currently, say real estate sources, Home Depot is scouting sites that could house a mid-rise office building, preferably one that falls inside the ballpark of 10 to 15 stories.
These changes coming to Home Depot reflect a broader series of strides made by corporate America in recent years as companies steadily regain confidence. Office projects like the one Home Depot is pursuing are commonly viewed as a kind of marketing strategy and were often considered too risky during the economic downturn. Now, companies are once again turning their focus to more active efforts to engage in long-term planning. These companies are exploring new ways to make employees- and by extension, the company as a whole- more productive through innovative means.
Porshe Cars North America and State Farm Insurance Corp. have launched similar undertakings in metro Atlanta during the past three years. InterContinental Hotels Group Plc also recently contemplated the decision to renew or relocate. Many smaller companies are also riding this wave of optimism, say business experts.
Home Depot has many possibilities to choose from when planning its expansion; it could lease existing buildings in the Vinings area or support the construction of a new building. Rents at a new building could exceed $30 a foot, making the latter option an expensive one.
