Atlanta’s office tenants seize suburban space as market rates steadily climb

Graph showing how long office space in urban versus suburban submarkets were on the market

– Amid continued economic headwinds and an increase in office asking rates, value still has its place within the suburban submarkets in Atlanta.

– Driven by the flight to quality trend, 2023 ended with urban office spaces averaging a full-service asking rate of $37 per square foot, while suburban office spaces are attracting tenants with a significant price discount of $26 per square foot full-service.

– This has resulted with a year-end 18% quicker average leasing time of 11 months on the market, compared to 13 months for urban office space.

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