Northeast Atlanta had somewhat of an off-quarter in Q1 absorbing only 163,300 square feet. Most of the occupancies and vacancies this quarter came from smaller tenants.
Because of the modest absorption, Northeast Atlanta’s deliveries totaling 2 million square feet pushed the overall vacancy rate up almost a full percentage point.
The majority of new construction taking place is in the Jackson County area of the submarket. In total, over 3 million square feet is being built here. All of this space is speculative and scheduled to deliver by the end of the year.
Despite the dynamics shaping this quarter’s result, average rents continue to steadily climb here.