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Atlanta Real Estate Market Trends | Downtown Atlanta Office Q3 2020

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Downtown_2019

With occupancy losses totaling just under 50,000 square feet, Downtown Atlanta saw its fourth consecutive negative quarter in Q3.

Downtown Atlanta's largest move-out of the third quarter of 2020 was Fragomen, Del Rey, Bernsen & Loewy vacating its space at Bank of America Tower and relocating further north to 1355 Peachtree in Atlanta's Midtown submarket.

In addition to the increase in vacancy, Downtown Atlanta sublease availabilities crept up in the third quarter as well, a factor affecting all office submarkets and a direct impact of the COVID-19 pandemic.

The submarket's average rental rate decreased this quarter and is back to the same point it was at the beginning of the year.

It has been somewhat of a rough year for the Downtown Atlanta submarket, given all that has transpired thus far. The fourth quarter does not appear to show any significant improvement to occupancy levels. Although down from this time last year, office leasing in the submarket has not disappeared, a positive sign for things to come in 2021.

Key Takeaways

  • Occupancy losses for Downtown Atlanta totaled just under 50,000 SF
  • Fragomen, Del Rey, Bernsen & Loewy's move to Midtown Atlanta from Bank of America Tower was the most considerable vacancy of Q3 202
  • Downtown Atlanta sublease availabilities increased in Q3 2020
  • Downtown rental rates decreased in Q3 2020
  • Q4 projections show no significant increase for Downtown Atlanta occupancy levels
  • Office leasing activity provides some optimism for a positive 2021

3Q20_Downtown

Atlanta Real Estate Market Trends | Downtown Atlanta Office Q3 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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