Downtown ended a streak of nine consecutive quarters of occupancy gains, losing nearly 40,000 square feet in Q4 due mostly to Georgia-Pacific's contraction at 133 Peachtree Street. On the year, however, Downtown performed well, absorbing 147,000 square feet of space.
- At 12.4%, the submarket's office vacancy rate is at its lowest point in 17 years. Class A vacancy declined 1.1% year-over-year.
- Leasing was fairly steady in Atlanta's Downtown over the last three months. Convoy's lease at Bank of America Tower in Q4 capped off a respectable year of activity in the city's largest office tower.
- Downtown Atlanta's average rental rate went up 6.7% this quarter, with the gap between Class A and Class B properties remaining narrow.
- Although activity has been positive, Atlanta's Downtown faces a few challenges in 2020 when Anthem and McKinsey vacate the submarket for new offices in Midtown.