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Activity in Midtown Office Market Remains Robust in Q2 2019

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Midtown_2019

Activity in Midtown remains robust. The only concern is the amount of new supply anticipated to hit the submarket in the near future.

Key Takeaways

  • Midtown continued posting strong absorption gains, filling over 100,000 square feet for the third consecutive quarter. Q2's net total absorption was 158,355 square feet.
  • Move-ins by WeWork, Sirius XM, and Google were the largest to take place in the submarket this quarter. Together they accounted for practically all of the absorption here.
  • Despite the positive gains, Midtown's vacancy rate increased almost a full percentage point between quarters. This is solely due to the delivery of 725 Ponce which added 365,000 square feet of vacant space. Almost half of this vacancy will be occupied by the end of the year.
  • Midtown dominated the Atlanta office market in leasing this quarter with three significant preleases. Construction of these projects should begin in the coming quarters.
  • Activity in Midtown remains robust. The only concern is the amount of new supply anticipated to hit the submarket in the near future.

2Q19_Midtown


2Q19_Midtown

Activity in Midtown Office Market Remains Robust in Q2 2019

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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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