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Atlanta's Cumberland office submarket finishes its fifth consecutive year of positive absorption in 2019

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NorthwestATL_20192

Occupancy gains in the fourth quarter capped off a solid year of activity in the Cumberland/Galleria submarket of Atlanta. 2019 marks the fifth consecutive year of positive absorption here.

Key Takeaways

  • Floor & Decor's relocation and expansion within the submarket was the largest occupancy in the fourth quarter.
  • The overall office vacancy rate here finished the year below 15% which is the lowest since 2016.
  • Cumberland/Galleria's average Class A rent increased 5.7% year-over-year. This represents the submarket's highest annual increase in four years for this type of product, and is also the third highest percentage increase in Atlanta's office market in 2019.
  • Office leasing was steady throughout the year. Expansions topped the list of the largest transactions completed. 
  • Given the amount of tenant demand taking place, the office market surrounding The Battery in Atlanta should see another steady year of activity in 2020.

4Q19_Cumberland

Atlanta's Cumberland office submarket finishes its fifth consecutive year of positive absorption in 2019

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Related Experts

Drew Levine

Senior Vice President, Principal

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I am a Senior Vice President in the Occupier Services Group, a Colliers group that exclusively represents tenants. I have successfully advised startups, high-growth, and established companies since 2011. My team delivers customized services on local, national, and global levels that allow companies to make well-informed, profit driven real estate decisions. I have been involved in a wide range of transactions, from small acquisitions for startup companies to campus projects for Fortune 500 companies. Our work has included relocation and expansion projects, consolidations and dispositions, headquarter planning, lease terminations and complete portfolio planning strategies for hundreds of leading technology, professional services, and manufacturing companies. We strive to deliver real estate business solutions that: add measurable value, reduce costs, decrease business operating risks, improve workplace performance, expand flexibility, and increase overall profitability.

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Paul Reese

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Paul Reese is an associate with Colliers International exclusively representing tenants in Metro Atlanta.  He has advised a broad range of clients from law firms to young technology companies. Paul focuses on working with young technology companies to navigate their financial and growth challenges in real estate. He uses his in-depth knowledge of the market to create a competitive advantage for clients.  Paul’s area of expertise is the in-town office market including downtown Atlanta, Midtown and West Midtown. 


Paul takes a consultive approach in achieving his clients’ real estate goals. His knowledge of the Atlanta office market and experience with complex transactions gives his clients confidence that they are getting the best deal.  Paul leads throughout the process and ensures the desired results are delivered on time. He places an emphasis on developing relationships with owners and leasing representatives to understand their goals and, subsequently, align his clients with the right space, building and owner. 
 

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