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Atlanta Real Estate Market Trends | North Fulton Office Q4 2020

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NFulton_2019

Pandemic significantly impacts Atlanta's North Fulton office submarket as Synchrony Financial moves to a permanent work from home strategy.

Key Takeaways

  • Synchrony Financial's vacancy of 203,000 square feet in North Fulton became one of the largest availabilities added in 2020.
  • North Fulton's vacancy rate is now at its highest point in seven years.
  • Leasing activity remained strong for the submarket throughout 2020.
  • Class A rents increased 9.5% year-over-year.
  • The North Fulton office market is anticipated to recover quickly post-pandemic.

Overview

The pandemic significantly impacted Atlanta's North Fulton absorption this quarter as Synchrony Financial moved to a permanent work from home strategy and vacated all of its space of 203,000 square feet at 4125 Windward; one of the largest availabilities added this year.

North Fulton office vacancy is now at its highest point in seven years thanks to a few large occupancy losses in 2020.

Overall, leasing activity in the submarket was steady during the year. Most of the larger, newer leases occurred in the first quarter. Meanwhile, sizeable renewals took place mid-year and highlighted the submarket's ability to retain large space users, even as uncertainty crept into the market.

Overall, rents were up this quarter, thanks to continued growth from Class A properties. Average rents for this product type have increased 9.5% year-over-year.

Some pain is likely to continue into 2021; however, North Fulton's office market should recover quickly post-pandemic.


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Atlanta Real Estate Market Trends | North Fulton Office Q4 2020

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