Q2 2023 West Midtown Office Submarket Report

West Midtown ended its five-quarter absorption streak in Q2 by registering negative 30,009 square feet. This negative absorption was a result of Mail Chimp placing about 52,000 square feet of space on the market in what is most likely a consolidation move in preparation for moving into their new 312,115 square foot headquarters at Fourth Ward. This negative absorption drove overall vacancy up by 80 basis points to a new rate of 22.9%. Class A property types faired the best this quarter registering 22,833 square feet of positive absorption and a decline in vacancy to 35.2%.

Published: Jul 21 | 2023 Download