- Negative absorption was a net -89,000 square feet in Q2.
- Net absorption in Q3 was (45,045) sq. ft., making it three consecutive quarters of negative results. The submarket’s year-to-date total now stands at (394,579) sq. ft.
- The Peachtree Corners area of the submarket was hit the hardest this quarter. The two largest move-outs in Q3 were located here, specifically in Technology Park/Atlanta: Atlanta PSA Healthcare vacated 100,000 sq. ft. and Career Builders vacated 58,000 sq. ft.
- Despite another vacancy rate rise, the submarket’s average rental rate increased for a fifth straight quarter. Signs are beginning to suggest, however, these rent increases may not continue.
- Although demand for office space in Northeast Atlanta is well below that of other Atlanta submarkets, there are developers seeking to transform the traditional suburban submarket into a location that will attract more companies. It will take some time though.