Atlanta Office Market Reports | Avison Young US - Atlanta
Atlanta office market reports
The Atlanta office market ended third quarter with 854,972 sf of negative absorption due to several large move-outs. Rental rates have slightly decreased as well as construction activity due to an increase in availability. Spec suites are currently seen as an enticing option for both tenants and landlords as they are more marketable, move-in ready, and provide each with a quick leasing alternative as opposed to 2nd generation space. The Atlanta office market continues to see an upward trend in available sublease space, especially in the larger blocks to consolidate office space and cut costs.
The banking, finance, insurance, & real estate sector drives 2023 leasing
22% of leases over 25,000 sf signed during third quarter were in the banking, finance, insurance, and real estate industries.
Large block available sublease space continues to increase
Over 9 msf of total sublease space is available, up 34% year-over-year.
Spec suites seen as an enticing option for quick leasing
Within the past 12 months, 32% of new leases signed fell in the size range for traditional spec suites in the Atlanta market.
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