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.