Central Perimeter hit hard by consolidations and relocations
Author: Scott Amoson
Cumberland/Galleria returned to positive form in the fourth quarter absorbing 117,000 square feet. The bulk of the occupancy gain this quarter came from Comcast which moved into its new
office building at One Ballpark Center.
For the year as a whole, the Cumberland/Galleria submarket absorbed the third highest amount of space in the Atlanta market. It also saw the highest amount of space delivered this year at
825,000 square feet.
The average rental rate for office space in Cumberland/Galleria increased almost a full $1/sf from this time last year. Class A rates have steadied over the past few quarters, but are forecasted to increase in the coming year.
All signs point to another active year in the Cumberland/Galleria submarket in 2018. Given the healthy leasing levels and continued demand, annual absorption should yet again be strong here.