Atlanta office market reports
The Atlanta office market ended the first half of 2022 on a strong note with over 1.0 msf of positive absorption. Rental rates have maintained their upward momentum as has construction activity. Numerous companies have announced new locations or expansions of their existing space which will drive leasing and absorption activity through the remainder of 2022.
Speculative construction activity remains strong, especially in the Midtown submarket. 29% of the space currently underway is preleased.
After a slow start to 2022, activity increased in the second quarter as Google occupied approximately 400,000 sf at their Midtown location. Numerous large leases have been announced which should allow the absorption momentum to continue.
Direct Asking Rent
Average asking rents recorded an increase year-over-year, up 2.0%. As activity and construction costs remain high, rates will maintain their upward trend.
The market has 6.2 msf of sublease spae on the market, as a record high for metro Atlanta.
The overall vacancy rate has remained stable over the last few quarters and is anticipated to decline later in the year as the market records more positive absorption.
Year-to-date activity has steadily increased since the significant decline in 2020. Numerous significant urban office sales have driven this activity as well as the average price per square foot.
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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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