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Class A Office Vacancy in Downtown at its Lowest in 16 Years

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Downtown_2019

Class A vacancy in the Downtown submarket is down to its lowest rate in 16 years.

Key Takeaways

  • Downtown absorbed another 55,000 square feet of office space in the second quarter, making it the eighth consecutive quarter with an occupancy gain. Year-to-date the submarket has absorbed over 166,000 square feet which is the third highest amount in the Atlanta market.
  • Class A vacancy in the submarket is down to its lowest rate in 16 years. Steady leasing activity along with limited new supply has helped push the rate down to just over 15%.
  • While its neighbor to the north, Midtown, continues to see the strongest rental rate increases int he market, Downtown had the second highest average rental rate increase this quarter. Class A rents are inching closer to the $30/SF mark.
  • Although there is some uncertainty regarding SunTrust's future plans in the submarket, the multitude of developments planned in the CBD will help maintain a steady interest for companies to locate their offices here.

 2Q19_Downtown


2Q19_Downtown

Class A Office Vacancy in Downtown at its Lowest in 16 Years

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Related Experts

Drew Levine

Senior Vice President, Principal

Atlanta

I am a Senior Vice President in the Occupier Services Group, a Colliers group that exclusively represents tenants. I have successfully advised startups, high-growth, and established companies since 2011. My team delivers customized services on local, national, and global levels that allow companies to make well-informed, profit driven real estate decisions. I have been involved in a wide range of transactions, from small acquisitions for startup companies to campus projects for Fortune 500 companies. Our work has included relocation and expansion projects, consolidations and dispositions, headquarter planning, lease terminations and complete portfolio planning strategies for hundreds of leading technology, professional services, and manufacturing companies. We strive to deliver real estate business solutions that: add measurable value, reduce costs, decrease business operating risks, improve workplace performance, expand flexibility, and increase overall profitability.

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