Atlanta – April 21, 2016 – CBRE’s Atlanta Research department reports that Atlanta’s office market has tightened further, as a result of no new significant deliveries in 2015, and is at a 17% vacancy rate, which is the lowest level in 15 years. The Atlanta market has now experienced 13 consecutive quarters of declining vacancy, validating owners’ rising rental rates.
The first quarter of 2016 marked the ninth consecutive quarter of Atlanta office rent growth. Record high rents and a lack of available Class A space has led developers to answer the demand. Currently, there are three developments under construction, bringing more than 1 million sq. ft. to the market. However, three more speculative developments are anticipated to begin construction in 2016.
“Over the past months, many Atlanta office assets have been placed on the market to trade or have traded,” said Dan Wagner, CBRE Southeast Research Manager. “While this would typically indicate the market is nearing the top of a cycle, Atlanta fundamentals remain resilient.”
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CBRE Group,
Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los
Angeles, is the world’s largest commercial real estate services and investment
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