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Q2 2022 Colliers Atlanta Office Submarket Reports

Q2 2022 Colliers Atlanta Office Submarket Reports

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Home Vendor News Q2 2022 Colliers Atlanta Office Submarket Reports

Colliers’ Q2 2022 Atlanta Office Market Report and Q2 2022 Atlanta Industrial Market Report, which include the latest data on vacancy, absorption, rental rates, construction, and investment activity in Georgia’s largest metro.

Key Takeaways – Office

  • Absorption rebounds from negative territory (-315,406 SF in Q1) with over 1 million square feet.
    • During the height of the pandemic, absorption reached over -3 million square feet.
    • Google’s 396,000 square foot occupancy is largely behind Q2’s positive absorption.
  • Overall office vacancy takes a step in the correct direction, decreasing by 40 basis points in Q2.
    • Total vacant space is dropping due to Atlanta’s Class A “flight to quality” movement.
  • Rising cap rates, interest rates, and inflation have slowed investment activity in Atlanta.
    • Still, Atlanta’s average price per square foot increases on a quarterly basis.

Key Takeaways – Industrial 

  • Asking lease rates have risen to a high of $6.04 per square foot, a first in Atlanta history.
    • Warehouse rates have increased by 11.8% YOY, with the greatest change occurring in Central Atlanta at 27.7%. This is largely due to high demand and low vacancy levels.
  • A total of 51.5 million square feet of space is under construction (with 6 million SF added in Q2).
    • As a result of high demand and increased rental rates (14.3%), Atlanta is poised to see a record number of deliveries in 2022. To date, inflation has not shaken this market.
  • Atlanta closed the first half of the year with over 10 million square feet of absorption, with Northeast Atlanta (2.7M), Northwest Atlanta (1.3M), and South Atlanta (1.2M) leading the way.
    • Vacancy dropped 30 basis points at 27.7 million square feet, marking the second lowest amount of space in Atlanta since 1995.

For more information on Atlanta’s industrial market, you can view Colliers’ Summer 2022 Top 25 U.S. Industrial & Logistics Markets Report, here.

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The 2024 virtual Men’s Round Table will be held Q4, 2024, date TBD.

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