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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q2 2020

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NorthwestATL_20192

Real estate market trends for Atlanta's Cumberland/Galleria office market bounced back in Q2 with occupancy gains totaling 123,000 square feet over the three month period; second highest in the Atlanta office market.

Key Takeaways

  • Regardless of the positive year-to-date absorption, the number would be a lot higher if it were not for Class B vacancies. This product type has seen 98,000 square feet of occupancy losses this year.
  • With the positive quarter, the submarket's Class A vacancy rate is at its lowest point since the beginning of 2002.
  • Yet despite the gains, the Class A average rental rate in Cumberland/Galleria actually showed a slight drop in second quarter, down 0.7% from Q1. This could be a result of the slowdown in leasing activity which has been impacted by the COVID-19 pandemic.
  • The back half of the year will be pretty quiet for the submarket. The absence of strong leasing activity could detrimentally affect occupancy levels by the end of the year.

2Q20_Cumberland

Atlanta Real Estate Market Trends | Cumberland/Galleria 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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