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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q3 2020

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NorthwestATL_20192

Cumberland/Galleria experienced a slight drop in occupancy levels in the third quarter of 2020. Net absorption totaled negative 45,000 square feet this quarter.

Several smaller vacancies in Cumberland/Galleria overshadowed new move-ins by Vimo and Pinnacle Financial, resulting in a slightly negative quarter for the northwestern Atlanta submarket. 

Cumberland/Galleria's vacancy rate continues to remain around the 14% mark. Despite Class A vacancy rates below that mark, Class B vacancy has been trending upwards over the past year.

3 Battery Avenue's construction has been progressing along during the year and is expected to deliver next quarter.

The Cumberland/Galleria submarket remains a draw for many companies seeking prime office space in a suburban-style setting. The pandemic could push more activity to this area as some companies seek a less dense office market.

Key Takeaways

  • Cumberland/Galleria's net absorption totaled -45,000 SF in Q3 2020
  • Small vacancies contributed to negative absorptions in Q3 2020 for the submarket
  • The Northwest Atlanta submarket's vacancy rate remained around 14% this quarter
  • 3 Battery Avenue's delivery is expected for Q4 2020
  • Companies continue to seek Cumberland/Galleria's suburban-style setting

3Q20_Cumberland

Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q3 2020

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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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