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Positive Activity Continues for Atlanta's Office Market in Q3

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Atlanta's office market continues its string of positive activity in the third quarter.

Key Takeaways

  • Atlanta's office market continues its string of positive activity absorbing just over 175,000 square feet in the third quarter.
  • Midtown returned to the lead spot this quarter, accounting for basically all of the positive results in Q3. Outside of this submarket activity was mostly equalized with move-ins, both large and small, offset by similar sized vacancies.
  • For the sixth consecutive quarter, the office vacancy rate in Atlanta has shown no significant movement. Supply and demand fundamentals have remained balanced during this time.
  • Third quarter deliveries were limited to small office buildigns under 100,000 square feet. New projects breaking ground in Q3 were also of the same size.
  • Continued demand for space has pushed Atlanta's average office rent to yet another record high of $27.50/SF.
  • With the year nearly complete, Atlanta's office market has almost matched 2018's total net absorption. Given the anticipated amount of occupancy gains next quarter, the city is likely to finish 2019 with its highest annual absorption total in 4 years.

Atlanta Office Market

Heading into the final quarter of the year, Atlanta’s office market continues to show enduring positive results. The third quarter saw over 175,000 square feet of office space absorbed, representing the fourth consecutive period of occupancy gains. Year-to-date, the amount of net absorption in the market almost tops all of 2018’s total.

Following a brief hiatus, Midtown returned to top form this quarter, essentially accounting for all of the positive activity. Led by Keysight Technologies’ occupancy at Coda, and expansions from both Invesco and Accenture, the submarket’s net absorption totaled 176,816 square feet this quarter. This has brought Midtown’s year-to-date amount to just under 470,000 square feet; behind only North Fulton’s total of 502,581 square feet which saw strong results in Q1 and Q2 thanks to Jackson Healthcare’s expansion delivery and other large occupancies by Veeam and McKesson.


Positive Activity Continues for Atlanta's Office Market in Q3

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Drew Levine

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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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Paul takes a consultive approach in achieving his clients’ real estate goals. His knowledge of the Atlanta office market and experience with complex transactions gives his clients confidence that they are getting the best deal.  Paul leads throughout the process and ensures the desired results are delivered on time. He places an emphasis on developing relationships with owners and leasing representatives to understand their goals and, subsequently, align his clients with the right space, building and owner. 

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