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Atlanta Office Five Fast Facts Q2 2023

Christa DiLalo • 7/12/2023

Read our Five Fast Facts for more insight into the key trends that impacted the Atlanta office market during the second quarter.

  1. Unemployment Below U.S. Average: Despite inflationary pressures, employment trends remained strong locally as Atlanta’s unemployment rate was 3.0% in Q2, well below the national average of 3.6%. 

  2. Suburban Demand Remained Active: 1.2 MSF of new leasing occurred throughout the metro in Q2, driving the mid-year total to 2.7 MSF. While Midtown led all submarkets in transactions, demand was primarily concentrated in the suburbs, accounting for 66% of all new leasing.  

  3. Renewal Transactions Accelerated: Renewal activity increased 32.9% QoQ to 956,900 SF as tenants re-evaluated their footprints and recommitted to their space. 

  4. Suburban Vacancy Held Steady: Suburban vacancy remained stable in Q2 at 20.6%, a moderate 20-bp increase QoQ. Strong tenant requirements demand persisted for second-generation space and newly renovated suburban office buildings, particularly in the desirable Northwest submarket.  

  5. Asking Rent Average Reached A New High: Class A product continued to command a premium across Atlanta as the direct asking rate rose 4.7% YoY, bolstering the metro average among all classes to a new high of $31.73 psf. 


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