Q4 2021 West Midtown Office Submarket Report

West Midtown saw 209,218 square feet of positive absorption in 2021, but thanks to multiple spec deliveries, its vacancy rate climbed from 17.6% to 30.5% over the year. 3 buildings totaling 767,000 square feet delivered in 2021, bringing the Class A vacancy rate to an unnaturally high mark of 55.8%: due to the small inventory, West Midtown is easy affected by vacant deliveries. This growth will continue in the coming quarters, with over 900,000 square feet of space currently under construction, compared to just 3.2 million square feet of existing inventory. Despite these large blocks of vacant space, the market is otherwise healthy, boasting a $40.62 average rental rate, rivaling that of any major Atlanta submarket.

Published: Feb 08 | 2022 Download
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