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Atlanta Real Estate Market Trends | Midtown Atlanta Office Q2 2020

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Midtown_2019

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.

Key Takeaways

  • 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.


2Q20_Midtown

Atlanta Real Estate Market Trends | Midtown Atlanta Office Q2 2020

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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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