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Central Perimeter's rough year continues through Q4

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CPerimeter_2019

Central perimeter had a rough year, posting an occupancy loss of 488,000 square feet in 2019; the worst performing submarket in Atlanta. The negative results were the result of contractions, consolidations, relocations, and companies closing offices.

Key Takeaways

  • Despite a relatively neutral quarter of net absorption, the Central Perimeter submarket did see a handful of large occupancies in Q4. LeaseQuery and Zillow each moved into around 50,000 square feet in Ravinia Three, and Newell Brands relocated within the submarket.
  • For the second time in 2019 the average rental rate across all property classes dropped in the submarket. This is mostly a factor of more space coming onto the market from offices vacated. 
  • Fortunes are expected to turn for Central Perimeter in 2020. State Farm will be moving into the second phase of their new headquarters in Q1; also Insight Global, Inspire Brands and WeWork will be occupying significant spaces.


4Q19_CPerimeter

Central Perimeter's rough year continues through Q4

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Drew Levine

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