The Atlanta office market experienced some highs and lows in the final quarter of 2022. Vacancy ended Q4 at 18.5%, a 50 basis point decrease from the previous quarter. Net absorption, while not as robust as quarters past, was in the positive thanks to major tenant move-ins from Emory Healthcare (112,000 SF) and Novelis (89,553 SF) in the Northlake and Buckhead submarkets. However, as developers pushed forward with new groundbreakings at 4.6M SF actively under…
Q3 2022 Atlanta Industrial Market Report
Developers continued to respond to the heightened demand for industrial space in Atlanta in Q3 2022 with 10.8M SF of groundbreakings, bringing total under construction to 44 MSF. Twenty-two percent of under construction space is pre-committed, despite a slower quarter of leasing activity relative to previous quarters. Vacancy increased 10 basis points in Q3 to 3.7%, which is still far below the market’s 10- year average of 6.7%. The Atlanta region is emerging as a…
Q3 2022 Atlanta Office Market Report
Given occupier concerns with the future of office space and more downsizing than expansions, Atlanta’s vacancy rate remains nearly unchanged year-over-year, ending Q3 2022 at 19%. Several new, Class A office buildings delivered this quarter, including Midtown’s Midtown Union which was 60% preleased at the time of delivery, Downtown’s Fourth Ward which was 68% preleased at the time of delivery, and Buckhead’s One Phipps Plaza which was 35% preleased at the time of delivery. While…
MARKET BRIEF: ATLANTA INDUSTRIAL DEVELOPERS AREN’T OVERBUILDING – 3 REASONS WHY
As 2022 winds down, industrial demand in Atlanta remains at unprecedented levels. In just the last 30 months alone more than 70 million SF of space has been absorbed. Developers are busy. Keeping track of new construction activity, sustained at well over 100 buildings, is almost as challenging as forecasting how quickly the next high rent watermark will occur. But with new construction levels sustained at or above 30 million SF for the last 18…
MARKET BRIEF: Durable Job Growth Key to Atlanta’s Recovery & Expansion
Atlanta has historically been one of the strongest job markets in the country, adding more than 1.2 million new positions over the last three decades. Perhaps even more compelling than its long run of employment expansion is the city’s accelerated post-pandemic recovery, as well as its broadening base of talent. The deep but short-lived pandemic recession of 2020 resulted in 22 million job losses across the U.S. Today the country has recovered, having surpassed its…