Atlanta's Midtown office real estate market trends signal the submarket appears to be immune to the effects of COVID-19. The submarket continues to be a major attractor of technology companies and more positive activity is forecast in the coming quarters.
- Midtown Atlanta's office real estate market trends for the second quarter of 2020 include 62,000 square feet in absorption; a fairly modest gain for the submarket but positive nonetheless.
- The overall vacancy rate for Atlanta's Midtown office submarket remained unchanged as the amount of new space delivered closely matched the same amount of space absorbed.
- Midtown landed the largest office lease transaction of the quarter with Microsoft committing to all of Hines' Atlantic Yards project at Atlantic Station. The 524,000 square-foot lease will likely be the largest for the year.
- Construction activity remains highest in the submarket. Just under 4.5 million square feet is in development in Atlanta's Midtown. Approximately 25% of the space will be delivered by year's end.