Q1 2023 Downtown Office Submarket Report

Truist shed nearly 235,000 square feet of office space in Downtown Atlanta this quarter driving absorption to negative 305,642 square feet in Q1. This marks the lowest quarterly figure for absorption since Q1 of 2020. As a result of this negative absorption, Downtown Atlanta’s vacancy rate climbed by 140 basis-points to 23.3%. This figure is only expected to rise further after the announcement of Deloitte’s office consolidation from Downtown (262,162 sf) to Midtown (95,000 sf).

Published: May 04 | 2023 Download