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Atlanta's Midtown absorbs the most office space since 2014 in Q1 2020

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Midtown_2019

Midtown had the second highest occupancy gains in the Atlanta market this quarter; the most space absorbed in the submarket since 2014.

Key Takeaways

  • The positive Q1 activity resulted in Midtown leading Atlanta in office vacancy decline. The submarket's vacancy rate decreased by 180 basis points (1.8%) this quarter. A host of occupancies at 725 Ponce, which delivered last year, helped contribute to this drop.
  • Anthem's first phase building of 352,000 square feet delivered this quarter. The insurer's occupancy in the building was the largest in the submarket in Q1.
  • Midtown still leads the Atlanta office market in office construction activity. It also continues to lead in the highest average rental rate.
  • Preliminarily, the submarket is expected to see yet another positive quarter of absorption next quarter; however, COVID-19 could negatively impact Midtown like all others. Still, the submarket's solid fundamentals make it practically resistant to the pandemic's pressures on business activity.


1Q20_Midtown

Atlanta's Midtown absorbs the most office space since 2014 in Q1 2020

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Drew Levine

Senior Vice President, Principal

Atlanta

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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