Second quarter absorption was modest in the North Fulton submarket. Only 17,000 square feet was absorbed. After Q1 revisions though, the year-to-date total for the submarket is now almost 70,000 square feet.
The overall office vacancy rate in North Fulton showed no change quarter-over-quarter. It remains below 12% and down slightly from this time last year.
Liberty Village, which is adjacent to Avalon, was the only delivery in the submarket this quarter.
Rental rates continue to rise in North Fulton; however, this quarter’s increase came mostly from Class B properties.
Although activity as of late has been somewhat quiet, there is anecdotal evidence North Fulton is about to see a flurry of large leasing deals. Axis’ pre-lease at 10000 Avalon is just the beginning according to those familiar with the submarket.
After three consecutive quarters of positive absorption, North Fulton begins 2018 in negative territory