Q3 2021 Northwest Office Submarket Report
- Northwest Atlanta lost 46,329 square feet of absorption in Q3. This regression after a positive Q2 was thanks largely to losing 44,668 square feet of Class B space. The Class B product in Northwest Atlanta has represented all of the negative absorption year-to-date, while the Class A and Class C product are both slightly positive.
- The submarket still boasts the lowest vacancy rate amongst Atlanta’s major submarkets at 17.8%. Northwest Atlanta has still seen a rise in vacancy, with a 250 basis point (2.5%) increase over the past year.
- The average Class A rental rate eclipsed the $30.00 mark for the first time in Q3, a 0.8% increase from Q2.