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Atlanta's Midtown finishes 2019 with the second highest amount of space absorbed in the Atlanta market

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Midtown_2019

After leading the market for three consecutive years, Midtown finished 2019 with the second highest amount of space absorbed in the Atlanta market, behind only North Fulton.

Key Takeaways

  • Following a dip in Q3, Midtown's vacancy rate was back on the rise in Q4, increasing by 80 basis points (0.8%). This is due to the delivery of T3 West Midtown.
  • Available space in the submarket has crept up the whole year, mostly as a result of new supply added, and also developers remain bullish on Midtown office demand.
  • Overall quoted rents increased 3.9% from Q3, marketing 11 consecutive quarters of raises. The Class A average rent surpassed $40/SF for the first time in Atlanta's history.
  • Midtown should have a fast start to 2020 as a number of high profile move-ins at 725 Ponce take place. Looking forward through the end of the year, just under 1.8 million square feet of new space is anticipated to deliver in the submarket.


4Q19_Midtown

Atlanta's Midtown finishes 2019 with the second highest amount of space absorbed in the Atlanta market

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