Atlanta’s Northwest Office Market – 3rd Quarter Report
My Colliers office, here in Atlanta, just recently issued its 3rd quarter office market report for the Northwest Submarket. This includes the Cumberland/Galleria area, Marietta, and Kennesaw. Here are the highlights of the report.
- Office Vacancy Rate is 18.7%
- Year-to-Date Net Absorption is negative 246,000 SF of office space. This is like one 10-story office tower coming back onto the market for lease.
- Average Class A Office Rental Rate is $21.13/Rentable Square Foot (RSF)
Top 3 Office Leases signed in the 3rd Quarter
- Silverpop for 62,000 RSF at Galleria 200
- Omni Insurance Group for 32,000 RSF at Parkwood Point
- First Option Mortgage for 25,000 RSF at Galleria 400
Predictions for the 4th Quarter
- The vacancy rate should stay close to 18.7%
- We should see more office space leased then given back this quarter.
- Rental Rates will continue to trend down
For more in-depth information about the 3rd quarter for Atlanta’s Northwest Office Market, please visit the link below.
