Cumberland/Galleria finished the year on a strong note absorbing just over 115,000 square feet in the fourth quarter. Brasfield & Gorrie’s relocation from Kennesaw to its owned headquarters off of Circle 75 Parkway was the largest occupancy here in Q4.
- Q4’s positive occupancy gains resulted in the submarket’s overall vacancy rate dipping back below 16%.
- Office leasing activity in Cumberland/Galleria was some of the strongest in the metro area in 2018. The larger transactions completed this year will boost occupancy levels in 2019 and result in the submarket being one of Atlanta’s leading space absorbers.
- Despite the upbeat offi ce environment, Cumberland/Galleria’s rental rates cooled a bit in the fourth quarter, declining 1.1% overall.
- As mentioned, the submarket should be one of Atlanta’s strongest office nodes in the coming year thanks to continued interest and demand from multiple space user types.