Key Takeaways

  • Midtown experienced positive office space absorption for a second consecutive quarter. A net total of 128,000 square feet was occupied here in the first quarter.
  • The submarket's gains in the first quarter were led by Georgia Tech which occupied 289,000 square feet in the newly delivered Coda building. the large move-in helped soften the negative impact of AT&T phasing out more of their space at their Midtown tower.
  • Vacancy in Midtown increased the most of any other submarket in Atlanta this quarter. This is due solely to the highly anticipated Coda building delivering.
  • As anticipated, Midtown saw a couple of new projects break ground this quarter including The Interlock and Atlantic Yards. Even more are expected to start in the second quarter.
  • Given the successful leasing yet again in the submarket this quarter, there appears to be no slowing of positive activity in Midtown. It continues to be Atlanta's most popular office submarket.