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Cumberland/Galleria Office Market Sees Over a Half-Million Square Feet of Lease Transactions in Q2 2019

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Leasing activity in Cumberland/Galleria was elevated in the second quarter as a number or larger expansions were completed. On the whole, the submarket saw more than 500,000 square feet of lease transactions this quarter.

Key Takeaways

  • Cumberland/Galleria had the second highest amount of office space absorbed in the Atlanta market this quarter. Home Depot's 99,000 square-foot occupancy at 340 Interstate North was the largest for the submarket in Q2.
  • The positive gains helped push the submarket's overall vacancy rate down to its lowest level in 2.5 years.
  • Leasing activity in Cumberland/Galleria was elevated in the second quarter as a number of larger expansions were completed. On the whole, the submarket saw more than 500,000 square feet of lease transactions in the quarter.
  • The submarket's overall Class A average rent increased by its largest quarterly percentage since 2007; driven by continued strong demand and supply principles.
  • The outlook for Cumberland/Galleria remains upbeat for the foreseeable future. The office landscape here is solid.

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Cumberland/Galleria Office Market Sees Over a Half-Million Square Feet of Lease Transactions in Q2 2019

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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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