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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q3 2021

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NorthwestATL_20192

Following strong Q2, Cumberland/Galleria flat in Q3.

It was a mostly uneventful quarter for the Cumberland/Galleria submarket in Q3. Office absorption totaled only (19,000) square feet and the vacancy rate showed no significant movement, remaining at a two-year high at 15.8%. The Class A market was the only product to see an occupancy gain this quarter as a number of small move-ins contributed to the positive activity. Also, Class A rents increased above the $30 per square-foot mark for the first time ever, though this expected to be short-lived given elevated availability. Overall, the submarket appears to be in a good spot given recent leasing, but challenges still remain.

What you'll learn in this quarter's Northwest Atlanta Office Market Report:

  • Current vacancy rates and availability
  • Absorption and office leasing activity
  • Current average office rental rates
  • Office building construction activity
  • Sales activity and current office building cap rates

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


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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q3 2021

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Drew Levine

Senior Vice President, Principal

Atlanta

I am a Senior Vice President in the Occupier Services Group, a Colliers group that exclusively represents tenants. I have successfully advised startups, high-growth, and established companies since 2011. My team delivers customized services on local, national, and global levels that allow companies to make well-informed, profit driven real estate decisions. I have been involved in a wide range of transactions, from small acquisitions for startup companies to campus projects for Fortune 500 companies. Our work has included relocation and expansion projects, consolidations and dispositions, headquarter planning, lease terminations and complete portfolio planning strategies for hundreds of leading technology, professional services, and manufacturing companies. We strive to deliver real estate business solutions that: add measurable value, reduce costs, decrease business operating risks, improve workplace performance, expand flexibility, and increase overall profitability.

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