Atlanta Office Market Still on the Mend

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While many cities in the Southeast lag behind their Northern counterparts in regards to the office recovery following the Great Recession, Atlanta has posted solid employment and absorption numbers for the last two and a half years. Increased job growth in and around Metro Atlanta has led to 9 consecutive quarters of positive absorption. At the half way point of 2013, Atlanta has not absorbed as it has this time last year, but we also haven’t had major national corporations like AirWatch and State Farm come in and scoop up quite as much space (yet – State Farm is back at it in Central Perimeter).

At the beginning of the recovery, most positive absorption was seen only in Buckhead; now we are seeing positive growth in almost every submarket, led by Buckhead, Central Perimeter, Cumberland/Galleria, and Midtown. In addition to increases in positive absorption, investment sales have been on the rise for both fully-occupied and value-add properties. Several Atlanta office towers have been sold in the last 8 months, including The Park at Windward Concourse, 999 Peachtree, One Alliance, & 55 Park Place.

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