Buckhead suffers its fourth consecutive quarter of negative absorption ending 2020 with a total annual occupancy loss of -410,000 square feet.
- Buckhead suffered a fourth consecutive quarter of negative absorption in the last quarter of 2020.
- Large consolidations and relocations led to Buckhead's increased vacancy rate this quarter.
- Leasing for Buckhead in 2020 is down just under 50% compared to last year.
- Average rents for Buckhead declined for a second straight quarter in the fourth quarter of 2020.
- Buckhead is anticipated to start 2021 in the red yet again with additional large vacancies.
Throughout the year, the submarket has dealt with large consolidations and relocations leading to increased vacancy. USB Financial and USI Insurance were the largest move-outs here this year, accounting for 30% of Buckhead's negative absorption.
Leasing activity has also been subdued in the submarket. Compared to last year, the amount of square feet leased is down just under 50%.
Average rents have declined for two straight quarters, an obvious reaction to the negative activity. Still, all class types remained up year-over-year.
Unfortunately, Buckhead will start the year in the red yet again as Cricket Wireless vacates its 1-million-square-foot space at Lindbergh.