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Atlanta Real Estate Market Trends | Northeast Atlanta Office Q3 2020

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NortheastATL_20192

Northeast Atlanta leads the Atlanta market in absorption for the fourth quarter of 2020

Key Takeaways

  • Northeast Atlanta absorbed 108,344 square feet in the fourth quarter of 2020. 
  • The submarket ended the year with a net total gain in occupied space.
  • Northeast Atlanta's year-over-year vacancy rate has remained relatively unchanged.
  • Class A rental rates in Northeast Atlanta were steady year-over-year.
  • Activity in Northeast Atlanta is anticipated to be positive for the coming year.

Overview

Northeast Atlanta was one of only two of Atlanta's office submarkets to finish the year with a net occupancy gain, leading the Atlanta market as a whole in the fourth quarter of 2020 with 108,344 square feet absorbed.

The submarket also ended the year with a net total gain in occupied space thanks to the fourth quarter's positive activity. Move-ins above 50,000 square feet benefitted Northeast Atlanta this quarter.

Year-over-year, the submarket's vacancy rate has remained relatively unchanged. This is consistent to both subareas of Northeast Atlanta: Peachtree Corners and Duluth/Suwanee/Buford.

Despite dropping this quarter, Class A rental rates were steady year-over-year. Class B rents, however, experienced the largest jump this year, increasing 6.5% from the end of 2019.

Northeast Atlanta proved resilient this year, even as Atlanta's major submarkets struggled to see gains. Looking ahead, activity looks to be positive for the suburban market.


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Atlanta Real Estate Market Trends | Northeast Atlanta Office Q3 2020

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