Atlanta office market reports

Q4 2022

The Atlanta office market continues to remain strong, ending with over 194,742 sf of positive absorption in the fourth quarter of 2022. Rental rates have remained steady and construction activity has maintained an upward momentum. Although leasing activity remains strong, some companies may put decisions on hold as they wait to see how inflation impacts the market. The Atlanta office market is also seeing an upward trend in available sublease space, as if companies are testing putting space on the market before fully committing to vacate the space.

3.7 msf


Construction activity remains strong, especially in the Midtown and Downtown submarkets, accounting for over 2.6 msf under construction combined. 27% of the space currently underway is preleased.

194,712 sf

Net Absorption

Fourth quarter ended boasting positive net absorption. The Urban submarkets heavily contributed to this with new leasing activity, expansions, and sublease activity.

$30.95 psf

Direct Asking Rent

Average asking rents recorded an increase year-over-year, up 2.7%. As construction costs remain high, rates will likely level out as Atlanta did not see a rental rate change from third quarter to fourth quarter.

50.0 msf


The market has 6.8 msf of sublease space on the market, a record high for metro Atlanta and available space continues to rise quarter-over-quarter



The overall vacancy rate has slightly decreased since third quarter, seeing a 50 bps decrease year-over-year.


Investment Sales

2022 activity has been strong, but the Atlanta market is seeing a 20% decrease year-over-year. After experiencing a major spike in sales within the third quarter due to a few large transactions, fourth quarter activity saw a drop in transactions due to an increase in interest rates.


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Get in-depth office market reports and insights from commercial real estate experts in the Greater Atlanta area. Avison Young advisors look at Atlanta commercial real estate activities and the latest Atlanta statistics to provide you expert market research on Atlanta's office properties.

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