Q1 2022 West Midtown Office Submarket Report

West Midtown saw positive absorption of 102,342 square feet in Q1 of 2022, bringing the total for the last 12 months to 302,608 square feet. The Q1 gains were mostly thanks to two significant move-ins: I Heart Media moving into 26,022 square feet at The Works, and SPACES occupying 56,452 square feet at Star Metals. This saw the submarket’s vacancy rate drop 320 basis points (3.2%) from 28.0% to 24.8%. Thanks to multiple spec buildings delivering in 2021, the Class A vacancy rate is at an unnaturally high mark of 44.1%: due to the small inventory, West Midtown is easy affected by vacant deliveries.

Published: May 25 | 2022 Download