Cumberland/Galleria starts 2020 off with highest negative quarter absorption since 2017

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NorthwestATL_20192

Cumberland/Galleria started the year off losing just under 100,000 square feet of tenant occupancy. This is the submarket's highest negative quarter of absorption since the first quarter of 2017.

Key Takeaways

  • Large move-ins during Q1 were few which resulted in the occupancy loss. Most of the vacancies that took place were contractions or consolidations of existing tenant spaces.
  • The submarket's overall vacancy rate increased 30 basis points (0.3%) as a result of the negative absorption. Class A vacancy remained relatively steady though and is still at its lowest point in three years.
  • Construction activity is unchanged from last year with thyssenkrupp's new office tower the only significant building in development.
  • Although Q1 was negative, leasing activity during the quarter was solid which should translate into gains later in the year. The unknown is how the coronavirus pandemic affects the submarket.

1Q20_Cumberland

Cumberland/Galleria starts 2020 off with highest negative quarter absorption since 2017

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Related Experts

Scott Amoson

Director - Research

Atlanta

Scott is the Director of Research for Colliers International in Atlanta, Georgia.  In his role, Scott supports all of the company's brokers in the Atlanta office.  He also manages the Research Associate in the company, and mentors an intern annually during the summer.

Scott began his real estate career in 2000 as a research assistant with Richard Bowers & Co., a local brokerage firm.  He joined Colliers International in Atlanta in 2003.  Scott specializes in aiding the company's clients with geographical, informational and analytical research.  With his extensive knowledge, he provides customized research data including:  market trends, lease and sales comparables, plats/ownership information, demographics, prospect information and economic information.  In addition to supporting the company's brokers and staff, his other responsibilities include compiling and writing quarterly market and submarket newsletters, maintaining the company's internal database of over 10,000 sales and lease transactions, and tracking news/trends related to Atlanta's commercial real estate market.  He is frequently called upon by local news sources for his knowledge and expertise of real estate matters in Atlanta.

As a member of the Colliers International Research Council, he advises on quarterly conference calls and provides valuable input on matters directing the research platform for Colliers International.  Scott was recently selected as the Research Ambassador for the Southeast Region as a part of Colliers International's Centers of Excellence platform.

Scott is a native of Atlanta, and enjoys spending time with his wife Lupe and daughter Sienna.  He is an avid golfer and loves vacationing with family.

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