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General Electric's move-out contributes to Cumberland's first negative quarter since 2018

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NorthwestATL_20192

The Cumberland/Galleria submarket of Atlanta experienced its first negative quarter of absorption since the beginning of 2018 thanks mostly to General Electric's 151,000 square-foot move-out of 3200 Windy Hills Road.

Key Takeaways

  • The Cumberland/Galleria experienced its first negative quarter of absorption since the beginning of 2018 thanks mostly to General Electric’s 151,000 square-foot move out-of 3200 Windy Hill Rd.
  • Despite the occupancy loss this quarter, there was enough positive activity to minimize large vacancy impacts. Absorption in the submarket still remains positive on the year.
  • Average quoted rental rates increased for a ninth consecutive quarter here. Cumberland’s Class A average is up 6% year-over-year and is quickly approaching the $30/sf mark.
  • Recent transactions in the submarket by two top investors have helped them solidify opportunistic locations. Pope & Land and Piedmont Office Realty Trust each made purchases for high-quality property in close proximity to The Battery.
  • Cumberland/Galleria is expected to fi nish the year strong with projected Q4 absorption somewhere around 400,000 square feet.

3Q19_Cumberland

General Electric's move-out contributes to Cumberland's first negative quarter since 2018

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