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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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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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