Q3 2021 Cumberland-Galleria Office Submarket Report
Cumberland/Galleria Sees Little Q3 Change After Strong Q2
- The Cumberland/Galleria submarket lost just 27,004 square feet of space in Q3, the bulk of which was in Class B properties. This relatively flat quarter comes after a strong Q2 that saw 138,182 square feet of positive absorption across all property classes in the submarket. The Q2 gains were largely thanks to the delivery of 3 Ballpark Center, where Papa John’s took 61,187square feet, and Thyssenkrupp occupied 186,683 square feet.
- Year-to-date, the vacancy rate in Cumberland/Galleria has risen 150 basis points (1.5%), currently sitting at 18.9% across all property classes, and at 19.7% among Class A properties.