Midtown 4Q 2020 Market Report
In 2020 Midtown delivered almost 630K SF of new product and had an additional 11 buildings under construction totaling 4M SF (more than half of Atlanta’s total SF under construction). It is of note that while Midtown’s 5-year average for under construction SF sits at 2.3M SF, recent years have been white-hot for the submarket, undeniably pulling up the average. While market conditions in Atlanta are expected to soften, developers and investors are still bullish on the market’s future given that the product under construction is over 60% pre-leased.
Notable projects under construction include Norfolk Southern’s 750K SF HQ at 650 W Peachtree St (100% pre-leased), Selig’s 680K SF project at 1105 W Peachtree St (100% pre-leased), and MetLife’s 612K SF building at 1331 Spring St (48% pre-leased).