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Cumberland/Galleria starts 2020 off with highest negative quarter absorption since 2017

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NorthwestATL_20192

Cumberland/Galleria started the year off losing just under 100,000 square feet of tenant occupancy. This is the submarket's highest negative quarter of absorption since the first quarter of 2017.

Key Takeaways

  • Large move-ins during Q1 were few which resulted in the occupancy loss. Most of the vacancies that took place were contractions or consolidations of existing tenant spaces.
  • The submarket's overall vacancy rate increased 30 basis points (0.3%) as a result of the negative absorption. Class A vacancy remained relatively steady though and is still at its lowest point in three years.
  • Construction activity is unchanged from last year with thyssenkrupp's new office tower the only significant building in development.
  • Although Q1 was negative, leasing activity during the quarter was solid which should translate into gains later in the year. The unknown is how the coronavirus pandemic affects the submarket.

1Q20_Cumberland

Cumberland/Galleria starts 2020 off with highest negative quarter absorption since 2017

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Related Experts

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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