Q2 2021 North Fulton Office Submarket Report
North Fulton sees absorption, slightly lower, leasing activity picking up:
- North Fulton lost just 8,212 square feet of space in Q2, a welcome sight after the submarket posted substantial losses of 255,305 sf in Q1 2021 and 416,466 sf in Q4 2020.
- The submarket’s vacancy rate rose 40 basis points (0.4%) in Q2, settling at 20.0%
- While the average rental rate is still slightly below where it was in Q2 of 2020 ($25.47), rates have increased each of the past three quarters, with a 0.8% increase to $25.25 in Q2 of this year.
- After a slowdown in 2020, leasing activity is trending back towards normal levels, with 126 leases being signed thus far in 2021. This is a 31% increase over the final two quarters of 2020.