Like most of Atlanta's other office submarkets, Central Perimeter began the year with only modest positive absorption. The submarket absorbed a net total of 21,926 square feet.
Central Perimeter's largest occupancies by Northside Hospital, OneTrust, and Car, Riggs & Ingram this quarter were offset by consolidations and contractions within the submarket. AIG's vacancy at Northpark was the largest move-out to subdue the occupancy gains.
The decline in Central Perimeter's Class A rental rate average is not expected to become a trend. The expectation is for rents to increase yet again next quarter.
First quarter's leasing activity in the submarket was solid and expected to produce strong occupancy gains in the latter half of the year. In the meantime, the submarket still has a few consolidations yet to hit the market including State Farm and Xerox.
1Q 2019 | Atlanta Office Central Perimeter Submarket Report