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.