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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q1 2021

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NorthwestATL_20192

Cumberland/Galleria office submarket of Atlanta not immune to Q1 woes.

Like Atlanta's other office submarkets, Cumberland/Galleria is off to a rough start to the year losing a total of just under 82,000 square feet of occupied space. This is the third straight quarter of negative absorption; however, when compared to the other core submarkets, Cumberland/Galleria maintains the lowest overall vacancy rate at 15.5%.

The added availabilities are beginning to have their effect on rental rates in the submarket. The Class A average dropped 60 basis points (0.6%) from last quarter. Nevertheless, Q2 is expected to show more positive results given Thyssenkrupp's large occupancy into its new headquarters.

What you'll learn in this quarter's Cumberland/Galleria Office Market Report:

  • Vacancy and availability
  • Absorption and leasing activity
  • Rental rates
  • Construction activity
  • Sales activity and cap rates
  • Cumberland/Galleria office predictions and forecasts

Download the full Colliers Atlanta Cumberland/Galleria Office Market Report to learn more about the fundamentals shaping the Cumberland, Galleria and Cobb County office submarkets of Atlanta, GA. 


1Q21_Cumberland

Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q1 2021

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Scott Amoson

Director - Research

Atlanta

Scott is the Director of Research for Colliers International in Atlanta, Georgia.  In his role, Scott supports all of the company's brokers in the Atlanta office.  He also manages the Research Associate in the company, and mentors an intern annually during the summer.

Scott began his real estate career in 2000 as a research assistant with Richard Bowers & Co., a local brokerage firm.  He joined Colliers International in Atlanta in 2003.  Scott specializes in aiding the company's clients with geographical, informational and analytical research.  With his extensive knowledge, he provides customized research data including:  market trends, lease and sales comparables, plats/ownership information, demographics, prospect information and economic information.  In addition to supporting the company's brokers and staff, his other responsibilities include compiling and writing quarterly market and submarket newsletters, maintaining the company's internal database of over 10,000 sales and lease transactions, and tracking news/trends related to Atlanta's commercial real estate market.  He is frequently called upon by local news sources for his knowledge and expertise of real estate matters in Atlanta.

As a member of the Colliers International Research Council, he advises on quarterly conference calls and provides valuable input on matters directing the research platform for Colliers International.  Scott was recently selected as the Research Ambassador for the Southeast Region as a part of Colliers International's Centers of Excellence platform.

Scott is a native of Atlanta, and enjoys spending time with his wife Lupe and daughter Sienna.  He is an avid golfer and loves vacationing with family.

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