After three consecutive quarters of positive absorption, North Fulton begins 2018 in negative territory
Author: Scott Amoson
After three consecutive quarters of positive absorption, North Fulton begins 2018 in negative territory, albeit by only a small amount. Hartford Financial’s vacancy at Sanctuary Park contributed the most to the negative absorption in Q1.
The decrease in occupancy levels this quarter, coupled with delivery of 108,000 square feet resulted in North Fulton’s vacancy rate increasing to 12.2% which is slightly higher than this time last year.
TPA Group’s “3 Edison” delivered this quarter. The speculative office building bring new loft-style office buildings to the suburbs and seeks to capitalize on the demand in the market for such space.
Average rental rates for office in North Fulton increased to record levels yet again this quarter, in spite of more space added.
According to preliminary notes, the submarket is anticipated to see another negative quarter in Q2. Comcast is expected to vacate more than 108,000 square feet at 4700 North Point next quarter.