Which industry signed longer lease terms for office space in Atlanta during 2023?

In 2023, length of lease terms for office leases in Atlanta averaged 55 months for new leases/relocations and 54 months for renewals and expansions. The influx of available sublease space and the desire for flexibility has led to term lengths shortening compared to previous years.
When broken out by industry, most are comparable when looking at average lease term, but the engineering, architecture, construction & building materials sector committed to the longest lease terms, with an average of 56 months for new leases and relocations.
Law firms committed to longer terms when signing lease renewals compared to new leases and relocations in 2023. Nationwide, leasing activity for law firms has increased over the past year due to leverage associated with economic conditions. Historically, this has left room for negotiating better deals as well expansion opportunities for this specific industry.

February 26, 2024

US-GA-ATL Atlanta