Q2 2021 Midtown Office Submarket Report
Midtown Absorption Moderates, Four Buildings Deliver Pushing Vacancy Rate Higher
- Midtown’s absorption rate was relatively unchanged in Q2 after suffering heavy losses in the two previous quarters of over 1.1 million square feet.
- Major moves within the submarket included Jones Day vacating over 140,000 sf as they move into their new building at Colony Square, Truist vacating over 84,000 sf at The Campanile Building, and over 132,000 sf of move-ins at Interlock, which included Georgia Tech, WeWork, and Slater Hospitality.
- Despite the small change in absorption, the overall vacancy rate rose 350 basis points (3.5%). This was thanks largely to the delivery of 4 new buildings to the submarket, a total of 1,116,185 square feet of new supply.