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Buckhead Office Rent Growth Slows in Third Quarter

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Buckhead_2019

Overall rents in Buckhead increased for an eighth consecutive quarter, but by its lowest percentage during this time.

Key Takeaways

  • Buckhead's lack of significant move-in activity continued in the third quarter as more space was vacated by tenants than filled. Q3 absorption was negative (19,000) square feet which marks two out of the last three quarters with an occupancy loss.
  • Modest absorption levels, both negative and positive, have resulted in the submarket’s overall vacancy rate remaining steady this year.
  • One Phipps Plaza continues to be the only large office project under construction in the submarket. The new 340,000 square foot building is currently unleased and looking for an anchor tenant.
  • Overall rents in Buckhead increased for an eight consecutive quarter, but by it’s lowest percentage during this time.
  • Q4 will see some more activity in the submarket, with FleetCor Technologies and Evident ID moving into their spaces. Tech firms like these are a sign of Buckhead’s industry diversification, having lured companies from other areas in Atlanta.

3Q19_Buckhead

Buckhead Office Rent Growth Slows in Third Quarter

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