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LEASING INCREASES
Following a strong quarter of activity, with 2.1 million square feet (msf) leased in the first quarter – activity increased to 2.4 msf in the second quarter of 2018. Tenants have leased 8.8 msf in the four most recent quarters, on track with the long-term market average.
AVAILABILITY INCREASES
The market's overall availability rate, (space that is currently vacant or will be in the next 12 months), rose by 20 basis points from 20.1% to 20.3%. The Class A availability rate increased by 90 basis points to 21.7%.
RENT PUSHES HIGHER
Average asking rent for the region jumped by 2.7% during the quarter, rising to $25.82 for all classes. Class A asking rent rose by 3.1% during the quarter, bringing the average to $28.13.
SALES UP
Office property sales during the last six months (through May 2018) totaled $2.2 billion, a 10% increase compared to the previous six-month total of $2.0 billion.
"Atlanta’s thriving tech ecosystem is a top choice for innovation hubs. At the same time it has become a center of excellence for fintech. Both of these specializations support growth in cybersecurity and data centers."
Chris White, Vice Chairman, Market Leader