Key Takeaways

  • Following two consecutive quarters of positive absorption, Central Perimeter experienced a loss of occupancy this quarter. State Farm was the largest contributor to this as the company moved out of its 185,000 square feet of space at South Terraces.
  • Even with the large vacancy by State Farm, the submarket’s office vacancy rate did not fluctuate much from last quarter.
  • Central Perimeter had a couple of large, notable leases in the quarter. OneTrust was the largest at 73,000 square feet and will relocate its Midtown Atlanta office to the submarket. Carr, Riggs, & Ingram’s 50,000 square foot lease is a win for the owners of 4004 Perimeter Summit who have been patiently waiting for an anchor tenant since the building delivered earlier this year.
  • Average rents for the submarket increased for a fifth straight quarter.
  • The Central Perimeter submarket is expected to end the year as one of Atlanta’s leading office submarkets in 2018.