Available sublease space experienced a slight uptick in April, increasing by 143,000+ SF. This marked the first increase in five months, albeit nominal.

The April increase was primarily driven by BrandsMart USA listing their 451,200 SF building at 3100 Southpark Blvd in South Atlanta for sublease.  All other newly added sublet availabilities for the month were below 100,000 SF, with an average of 54,760 SF per availability. This marks a 53% decrease from April 2023, when the average sublease availability was 115,712 SF.

We continue to observe a trend where tenants often approach finalizing a sublease and ultimately retract, opting instead to retain their space.

404,002+ SF of new construction kicked off in April pushing up total “Available SF” which includes Existing Inventory, Under Construction and Sublease SF.

Q1 absorption was approximately 4.3 MSF and activity levels have increased in the past couple of months including some larger requirements out in the market.  With the pace of near future deliveries slowing, we are forecasting positive absorption for the remainder of the year.