Q4 2021 Cumberland Galleria Office Submarket Report

The Cumberland/Galleria submarket added 18,836 square feet of positive absorption in Q4. While two of the three most recent quarters were positive, a loss of over 165,000 square feet in Q1 turned Cumberland/Galleria negative for the year. The submarket lost 122,545 square feet of absorption in 2021, split evenly between Class A and Class B properties. The submarket’s vacancy rate fell 10 basis points (0.1%) in Q4,but rose a total of 180 basis points (1.8) over the past year. Class A rents in Cumberland/Galleria rose just 0.2% in 2021, and have risen just 0.6% ($0.19) over the past two years.

Published: Feb 22 | 2022 Download