The Atlanta Commercial Board of REALTORS® (ACBR), the largest commercial REALTOR® association in the country, released its Q2 2016 Office Brief on office market trend statistics for 30 Atlanta Office Sub Markets.
Q2 2016 Office Market Statistics
LABOR: According to the Bureau of Labor Statistics, the unemployment rate dropped 1.2
percentage points from 5.8% in May 2015 to 4.6% in May 2016. The Atlanta
metropolitan statistical area job creation totaled 76,600 in the Atlanta-Sandy Springs- Roswell metropolitan statistical area over the past year.
ABSORPTION: The Atlanta office market recorded 538,830 SF of positive absorption during the second quarter of 2016 and 737,272 sf year-to-date.
VACANCY: Due to an ongoing increase in demand for space, the total vacancy rate has dropped from 18.6% in Q2 2015 to 17.2% at the close of second quarter 2016. Direct vacancy rates dropped 1.5 percentage points from 17.9% to 16.4% during the same time period.
RENT: Rent growth continued to improve during second quarter 2016 especially in class A
product in Buckhead, Midtown and Central Perimeter. Asking rents in all classes rose
7.6% recording $22.84 per square foot (psf) at the close of second quarter 2016
compared to second quarter 2015. Class A rents rose 7.3% over the past year, recording
$25.60 psf at the close of second quarter 2016. We expect rents to continue increasing
during 2016 with higher escalations in class A product in submarkets with low vacancy
and construction activity.
TOP LEASE TRANSACTIONS: Major occupiers of space included Lincoln Financial Group, Fulton County Board of Assessors, Centers for Disease Control, Century Communities, Sage Software and Centene/ Peach State Health Plan.
Press Release : Infographic : Presentation Mode : Industrial Market Brief
The data in this report was compiled by data provided by Xceligent, a leading provider of verified commercial real estate information. For more information on details of this month's report, please contact the Board at 404.250.0051.