Q2 2023 Midtown Office Submarket Report

Midtown Atlanta, similar to other quarters, outperformed all other major submarkets in Q2 by recording 49,386 square feet in absorption. Due to this absorption and a lack of deliveries, overall vacancy declined by 20 basis points to 21.4%. The largest shift in vacancy occurred particularly in Class A assets in which vacancy declined by 50 basis points to 23.5%. The largest move in to occur this quarter was consequently offset by that same tenants move out after Invesco moved its headquarters from Two Peachtree Pointe (246,542 sf) to Midtown Union (355,296 sf). Trophy assets continue to dominate Midtown accounting for the largest deals in the submarket this quarter headlined by Deloitte’s relocation to Promenade Tower (95,000 sf) and Sage Software pre-lease at 619 Ponce (57,000 SF).

Published: Jul 21 | 2023 Download