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Atlanta Real Estate Market Trends | Central Perimeter Office Q4 2020

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A second quarter of negative absorption sends occupancy gains lower for the year in Central Perimeter.

Key Takeaways

  • Central Perimeter led Atlanta's core submarkets as the only one to record positive absorption in 2020.
  • Despite positive growth, Central Perimeter posted the markets highest vacancy rate this quarter.
  • Central Perimeter led the Atlanta market in deliveries for 2020.
  • Transaction momentum continued through the fourth quarter of 2020.
  • Central Perimeter is expected to start 2021 in positive territory.

Overview

A second consecutive quarter of negative absorption sent occupancy gains lower for the year in Central Perimeter. Still, it is the only core submarket in Atlanta to record positive absorption for the year.

In spite of the positive growth, Central Perimeter had the highest office vacancy rate in the entire market at 18.5%.

The deliveries of State Farm's Phase II building and Twelve24 in the first quarter resulted in the submarket having the highest amount of space delivered this year.

Following a strong third quarter of leasing, the activity continued in the fourth quarter of 2020 as large transactions by Insight Global and Burns & McDonnell transpired.

Central Perimeter should begin next year in positive territory given State Farm's phase three delivering; however, some large sublease additions are likely to impact occupancy gains overall.


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Atlanta Real Estate Market Trends | Central Perimeter Office Q4 2020

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