Atlanta office market reports

Q2 2024

The Atlanta office market ended H1 with 262,091 sf of negative absorption. Rental rates remain steady and construction activity has decreased year-over-year due to availability. Direct available space experienced a 1.7% decrease quarter-over-quarter while available sublease space remains steady. Less sublease space is being added to available inventory, but there seems to be a challenge leasing the preexisting supply before tenants officially vacate their space. The Atlanta market overall is seeing an uptick in leasing activity exhibiting a 1.7% increase when comparing signed deals year-over-year. During second quarter, 5 deals exceeding 100k were executed. As leasing activity increases, the average month on market is decreasing for office listings showing a 7% faster lease-up time year-over-year for second generation space. These listings are now currently in-line with spec suites, with both listing types being on the market for an average of 21.2 months.

5.4 msf

Leasing activity continues to rise in 2024

5.4 msf of leasing activity was captured during 1H 2024, a 1.7% increase year-over-year.

32%

Available space starting to see a slight decrease

There is over 54 msf of available office space currently listed on the market in Atlanta, a 0.6% decrease quarter-over-quarter.

21.2

Average lease-up time decreasing for office listings

Atlanta is seeing a 7% faster lease-up time year-over-year for all office listings for an average of 21.2 months on market

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