Thanks to NCR’s relocation to the its new headquarters, Midtown led the Atlanta office market in office space absorption in the first quarter. Almost 500,000 square feet of space was occupied in Q1.
Midtown rents continue to post strong growth. Quarter-overquarter the average asking rate increased 5.1%. The submarket remains the priciest location to rent offi ce space in Atlanta.
Even with NCR’s HQ delivery, the submarket continues to have the highest amount of office space under construction. Anthem’s new technology center of 352,00 square feet broke ground in the first quarter.
Looking ahead, a number of projects have been announced for Midtown. Only two are likely to begin as speculative projects though.
Strong fundamentals continue to dominate the Midtown landscape. Office leasing remains steady in the submarket, and supply is in check. Absorption is expected to reach the +100,000 square foot market in Q2.
Midtown led the Atlanta office market in office space absorption in the first quarter