Q2 2021 Downtown Office Submarket Report
Long-Term Outlook Solid for Downtown Despite Recent Absorption Numbers
- Downtown Atlanta lost 289,435 square feet of absorption in Q2, the third consecutive quarter of similar space lost.
- The majority of this negative absorption was due to SunTrust Bank vacating 290,904 square feet at Marquis One and Two as a part of their corporate relocation to Charlotte.
- The vacancy rate in the submarket rose 140 basis points (1.4%) to 19.5% across all property classes.
- Rental rates across all property classes rose 4.2% to $29.41. Class A rents saw similar growth rising 3.9%, signaling long-term confidence in the submarket’s office product.