Buckhead is going to see a glut of office space, at least in the short-term, according to a report released Tuesday.

More than 1.7 million square feet under construction and scheduled to be available this year and next is unleased.

That's "definitely a cause for concern" for the developers, said David Demarest, managing director of tenant representation with Jones Lang LaSalle. The real estate services company unveiled its analysis of the intown office market, called Skyline Review, at a breakfast with commercial real estate representatives.

Demarest mentioned three speculative Buckhead projects that have no tenants: Terminus 200, 3630 Peachtree and Two Alliance Center. Together, that's about 1.5 million square feet.

Another Buckhead building, 3344 Peachtree, which will open this year, is 51 percent leased. That leaves about 240,000 square feet still unclaimed.

To put the surplus in perspective, Demarest said, it took four years to add 1.7 million square feet during Atlanta's previous office building boom.

Adding all that new space means it's a tenants' market.

"There's a good bit of supply so they're not pressed to make decisions," said Chris Ahrenkiel of Tishman Speyer, the developer of Two Alliance Center.

But Ahrenkiel said Two Alliance Center will do well in the long run because "we have a really good location."

Matt Gove of Cousins Properties, the developer of Terminus 200, said "obviously there's going to be more competition in the Buckhead market, but we feel that office space at Terminus offers a better amenity base, a better experience for the employees of these companies."

In Midtown, the office building going up at 12th & Midtown will have 725,000 square feet when it's finished in the fall of 2009. So far, no tenants have signed. Downtown does not have any speculative office buildings underway.

"Atlanta's intown markets continue to have high levels of vacant and available office space," the Jones Lang LaSalle study says. The office vacancy rate for Buckhead, Midtown and downtown combined was 16.3 percent at the end of 2007, according to the study.

On the bright side, Demarest said, "urban markets in Atlanta have never been better and the future's never been better," due to the influx of residents.

Steve Baile, senior vice president with Daniel Corp., lead developer of 12th & Midtown, said office competition is fiercer in Buckhead than in Midtown. "Buckhead competes against itself" and doesn't siphon away Midtown tenants, Baile said.

He said prospective tenants have signed letters of intent to move into Daniel's office building, the only one under construction in Midtown.

Daniel Corp. might start a second office building this year at 17th and Spring streets called Met Center, Baile added. Tack on another 600,000 square feet of office space if that happens.

Meanwhile, Crescent Resources has been considering building an office tower near Phipps Plaza. The company would not comment on when the project will begin.