Research &
Forecast Report
ATLANTA
Year-End 2015 | Office
Atlanta Sees Best Office
Market Results Since 2000
Market Indicators
Relative to prior period
ATL
Q4 2015
ATL
Q1 2016*
VACANCY
Key Takeaways
> Atlanta’s office absorption totaled 4.8 million square feet in 2015;
the highest annual total in 15 years.
-
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
> Positive absorption in the year, along with no large multi-tenant
deliveries have resulted in Atlanta’s lowest office vacancy rate
since 2000.
-
CAP RATES
*Projected
> The average rental rate for office in Atlanta finished the year 7%
higher than this time last year. It is the highest since 2008, and
only $0.09/sf off the record.
> The most significant deliveries to occur in 2015 were Cox
Communications’ 578,000 sq. ft. office tower in Central Perimeter
and Porsche’s 200,000 sq. ft. North American headquarters
facility at the airport in South Atlanta.
> For the coming year, Atlanta’s office market should see similar
levels of absorption and leasing activity as experienced over the
past couple of years.
Atlanta Office Market
Following yet another quarter with over 1 million square feet of office
absorbed, Atlanta finished the year with its highest annual absorption
total since 2000. A net total of 4.8 million square feet was occupied
in 2015. This activity combined with the few number of deliveries
taking place during the year has resulted in the lowest overall office
vacancy rate in Atlanta in fifteen years. 2015 was filled with a
number of significant storylines. The first to mark the year was the
announcement by Mercedes-Benz to relocate its North American
headquarters from New Jersey to Central Perimeter. The German
luxury automaker revealed its plans to invest around $100 million
in an office building totaling approximately 250,000 square feet on
a 12-acre parcel in the submarket, just west of Georgia 400. The
move is expected to bring 1,000 jobs to the area and is being touted
as the biggest economic win for Atlanta since UPS relocated to
Summary Statistics
Atlanta Office Market
ATL
Market
ATL
Class A
ATL
Class B
Vacancy Rate
13.5%
12.4%
15.2%
Change From Q3 2015
-0.5%
-0.6%
-0.3%
4,828
3,529
1,118
912
778
134
1.7
1.6
0.1
$21.45
$25.63
$17.36
Change From Q3 2015
1.4%
0.8%
1.9%
Year-Over-Year Change
6.9%
7.1%
5.8%
Absorption YTD
(Thousands Square Feet)
Construction Deliveries YTD
(Thousands Square Feet)
Under Construction
(Millions Square Feet)
Asking Rents
Per Square Foot Per Year
Average Quoted
Atlanta Office Market (continued)
the area in 1991. Construction of the headquarters should begin in the
first half of 2016. The Cumberland/Galleria area also received much
attention throughout the year. In addition to the ongoing construction
of the new Atlanta Braves stadium, the submarket saw a number of
noteworthy transactions in 2015; the most prominent being Comcast
which announced a partnership with the Atlanta Braves to anchor a
nine-story office building at the new ballpark and also create a multimillion dollar network throughout the entire development, making it the
most connected in the nation. The office building will contain between
250,000-300,000 square feet and house around 1,000 of Comcasts’
employees. Also taking place in the submarket, Synovus agreed to
anchor 100,000 square feet in a new office building to be constructed
by TPA Realty Group; RaceTrac Petroleum chose a new office location of
114,000 square feet at Galleria Office Park; and Delta Community Credit
Union, Holder Construction, and Bennett Thrasher all pre-leased space
at Riverwood 200 which recently broke ground and is the Cumberland/
Galleria area’s first new office building to begin construction in 15 years.
As it seems, the Central Perimeter and Northwest Atlanta submarkets
stole the show this year; however, the office market was active throughout
the region. In total, four submarkets saw over 800,000 square feet of
office space absorbed in 2015; and every submarket, with the exception
of Northeast Atlanta, was positive. Midtown and North Fulton saw the
greatest change in their office vacancy rates, decreasing 3.3% and 3.1%
respectively from last year. Meanwhile, Buckhead and Downtown saw
the largest increase in their average rental rates, increasing 13% and
17% respectively.
UPDATE - Top 5 Transactions in the Market for 2015
Notable Leasing Activity
TENANT
PROPERTY
SUBMARKET
LANDLORD
SIZE (SF)
TYPE
IHG
3 Ravinia
Central Perimeter
CBRE Global Investors
488,000
Class A Renewal & Expansion
NCR
Midtown HQ
Midtown
Cousins Properties
485,000
Build-To-Suit
Mercedes-Benz
Glenridge HQ
Central Perimeter
Mercedes-Benz
250,000
Build-To-Suit
Comcast
One Ballpark Center
Northwest Atlanta
Atlanta Braves
250,000
Class A Prelease
IBM
6303 Barfield Rd.
Central Perimeter
Drawbridge Realty Trust
238,600
Class A Sale-Leaseback
Notable Sales Activity
PROPERTY
SUBMARKET
SALES DATE
SALE PRICE
SIZE (SF)
PRICE / SF
BUYER
Concourse Corporate Center
Central Perimeter
4/23/2015
$489,000,000
2,115,642
$231.14
Building & Land Technology
Monarch Centre
Buckhead
9/30/2015
$303,000,000
896,449
$338
Highwoods Properties
AT&T Midtown Center
Midtown
10/16/2015
$260,000,000
794,110
$327.41
CBRE Global Investors
Tower Place 100
Buckhead
7/1/2015
$170,000,000
613,821
$240.87
Starwood Capital Group
One Buckhead Plaza
Buckhead
1/8/2015
$157,000,000
461,669
$340.07
Parkway Properties
20%
15%
2015
2014
2013
2012
2011
5%
0%
Absorption
2
2010
2009
2008
10%
2007
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
(1,000,000)
(2,000,000)
(3,000,000)
(4,000,000)
2006
Square Feet
Historical Absorption, Deliveries and Vacancy Rates
Deliveries
Vacancy %
Research & Forecast Report | Year-End 2015 | Atlanta Office | Colliers International
Vacancy & Availability
Year-End 2015 | Vacant Space By Type
> Over the course of the year, Atlanta’s office vacancy rate
declined almost 200 basis points. At 13.5%, this is the
lowest it has been since 2000.
> Class A vacancy is down 2.5% from this time last year.
Since its peak high in 2010, the Class A vacancy rate has
dropped 7.4%. This amounts to almost 7.8 million square
feet of vacant office space filled during this time.
CLASS B
13,537,236 SF
VCY RATE = 15.2%
CLASS A
13,969,354 SF
VCY RATE = 12.4%
> Although large blocks of availability have been filling up over
the past couple of years, there remains ample opportunities
for prospects currently scouting office space.
CLASS C
2,447,846 SF
VCY RATE = 12.4%
> Looking ahead, the downward trend in vacancy will
continue in Atlanta. Buckhead and North Fulton could likely
see their overall vacancy rates drop below 10% next year.
Class A
Class B
Class C
Absorption & Leasing Activity
NORTHEAST ATLANTA
WEST ATLANTA
SOUTH ATLANTA
BUCKHEAD
MIDTOWN
200,000
DOWNTOWN
400,000
NORTH FULTON
600,000
NORTHLAKE
> Office leasing finished the year at a moderate level
compared to previous years. The back end of 2015
saw somewhat of a lull in activity. Cumberland/Galleria
experienced the highest amount of activity throughout the
year as the new Atlanta Braves stadium has proved to be
a catalyst to attracting new tenants to this particular area.
800,000
NORTHWEST ATLANTA
> Midtown, Central Perimeter, North Fulton and Northwest
Atlanta each saw over 800,000 square feet of space
absorbed in 2015.
1,000,000
CENTRAL PERIMETER
> The largest occupancies in the year were:
Cox
Communications (578,000 SF); Fiserv (376,000 SF);
Home Depot (200,000+ SF); and Porsche (200,000 SF).
Year-End 2015 | Net Absorption By Submarket
Square Feet
> Atlanta office absorption totaled 4.8 million square feet in
2015. This is the highest annual total since 2000.
0
> Heading into the new year, absorption and leasing should
remain consistent to recent activity, though a few large
blocks of space are expected to hit the market in 2016.
(200,000)
Rental Rates
> Average asking rental rates have steadily climbed
throughout the year. The average for Atlanta office is
now $21.45/sf. This is the highest since 2008 and only
$0.09/sf off the record high.
Year-End 2015 | Atlanta Rental Rates
Overall Market & Class A (per sq. ft.)
$27.00
$25.00
> Since bottoming in the third quarter of 2012, Class A rental
rates have increased 14%. The $25.63/sf average is the
highest Atlanta has ever seen.
$21.00
$19.00
Class A
2015
2014
2013
$17.00
2012
> The unprecedented growth in Atlanta’s office rental rates
is anticipated to continue for some time. With demand for
space remaining strong and steady, the absence of new
supply will push the cost to lease space higher. How
developers respond to this dilemma in 2016 will be a telltell sign of how high rents go.
$23.00
Market AVG
Sources: CoStar Property, Colliers Research
3
Research & Forecast Report | Year-End 2015 | Atlanta Office | Colliers International
Construction
Investment Activity
DEFINITIONS
> There were no significant multitenanted office buildings delivered this
year. The largest deliveries to occur
were Cox Communications’ 578,000 sq.
ft. build-to-suit and Porsche’s new
North American headquarters building
of 200,000 sq. ft. at the Airport.
> Annual investment volume for Atlanta
office buildings reached its highest level
in eight years totaling over $4.5 billion.
Absorption (Net)-The net change in
> The lack of new supply in the office
market is unfamiliar to Atlanta. In
past cycles, new developments
were numerous and swift. Rising
construction costs, the inability to land
anchor tenants, and the more prudent
nature of the market have limited
current construction activity.
> Atlanta’s office market is certain to see
more construction starts in 2016.
> Buckhead, Atlanta’s most desirable
investment market, saw over $1 billion
of office space transacted this year.
> The largest investment sale of 2015
was Concourse Corporate Ctr. in
Central Perimeter. The office park
traded for $489 million ($229/sf). This
is the highest priced transaction ever
recorded for an Atlanta office property.
> Investors have taken notice of Atlanta’s
overall market fundamentals and will
continue to take advantage of the
upside potential of rental rates in 2016.
Vacancy Rate-A percentage of the total
amount of physically vacant space divided by
the total amount of existing inventory.
Vacant Space-Space that is not currently
occupied by a tenant, regardless of any lease
obligation on the space.
Sublease Space-Space that has been
leased by a tenant and is being offered for lease
back to the market by the tenant with the lease
obligation.
Deliveries-Buildings
Construction Activity (100,000 SF+)
PROPERTY
SUBMARKET
SIZE (SF)
DELIVERY DATE
State Farm Campus - Phase I
Central Perimeter
602,000
Fourth Quarter 2016
Three Alliance Center
Buckhead
500,000
Fourth Quarter 2016
Riverwood 200
Northwest Atlanta
308,000
Second Quarter 2017
Genuine Parts BTS - Wildwood
Northwest Atlanta
150,000
Third Quarter 2016
Outlook
The recovery of Atlanta’s office market has been anything but usual compared to past
cycles. With an average of 3.3 million square feet of space absorbed annually over the past
4 years, it will be another remarkable year of growth in the office market should occupancy
levels increase by the same amount in 2016. A number of local economists predict job
growth in Atlanta to remain moderately steady over the next couple of years with the region
seeing positive activity continue from the corporate sector. The underlying transformation
of Atlanta into a technology hub will also result in more gains from the information/
technology sector. Despite some recent big name losses to other markets, Atlanta will
remain atop many corporate relocation lists. A few headwinds are expected next year
including large vacancies from Coca-Cola, Newell-Rubbermaid and Fiserv; however, the
blocks of availability resulting from these move-outs will provide large prospects in the
market more options to choose. The supply/demand fundamentals which have shaped
the extraordinary rental rate growth in the market, along with the decline in vacancy, will
finally lead to new spec development activity; albeit limited. Additionally, a number of
anchored projects are expected to begin next year as well. In total, Atlanta should see
almost 3 million square feet of office space break ground in 2016. Both Moody’s and PwC
see Atlanta’s office market entering into expansion territory over the next couple of years.
This will maintain the exceptional growth taking place and provide the local commercial real
estate community with continued optimism.
4
occupied space over a given period of time,
calculated by summing all the positive
changes in occupancy and subtracting all the
negative changes in occupancy.
Research & Forecast Report | Year-End 2015 | Atlanta Office | Colliers International
that
complete
construction during a specified period of time.
A certificate of occupancy must have been
issued for the property for it to be considered
delivered.
Leasing Activity-The volume of square
footage that is committed to and signed
for under a lease obligation for a specific
building or market in a given period of
time. It includes direct leases, subleases and
renewals of existing leases. It also includes
any pre-leasing activity for buildings under
construction or planned.
Build-to-Suit-A term describing property that
was developed specifically for a certain tenant
to occupy. Can be either leased or owned by
the tenant.
Class A Office-A classification used to
describe buildings that generally qualify
as extremely desirable investment-grade
properties and command the highest rents or
sales prices compared to other buildings in the
same market. Such buildings are well located
and provide efficient tenant layouts as well as
high quality floor plans.
Class B Office-A classification used to
describe buildings that generally qualify as
a more speculative investment, and as such,
command lower rents or sales prices compared
to Class A properties. Such properties have
ordinary design, lack prestige and generally
must depend on a lower rent/sales price to
attract tenants/investors.
Atlanta Office Market Update
Existing Properties
Vacancy
DIRECT
VACANCY
(SF)
DIRECT
VCY %
DOWNTOWN
A
28
B
81
C
75
Total
184
14,763,596
9,149,339
3,812,610
27,725,545
2,557,383
964,117
820,655
4,342,155
17.3%
10.5%
21.5%
15.7%
MIDTOWN
A
B
C
Total
40
95
34
169
16,154,521
5,543,911
815,754
22,514,186
2,073,210
745,991
25,484
2,844,685
BUCKHEAD
A
B
C
Total
48
53
41
142
15,614,717
4,571,291
994,357
21,180,365
URBAN TOTAL
A
116
B
229
C
150
Total
495
VCY
CURR
QTR %
VCY
PRIOR
QTR %
NET
ABSORP
CURR (SF)
NET
ABSORP
YTD (SF)
NEW
SUPPLY
CURR (SF)
NEW
SUPPLY
YTD (SF)
U/C Rent
TOTAL
VACANCY
(SF)
54,277
1,310
55,587
0.4%
0.0%
0.2%
2,611,660
965,427
820,655
4,397,742
17.7%
10.6%
21.5%
15.9%
18.2%
10.8%
22.8%
16.4%
77,153
20,235
50,114
147,502
67,371
(16,303)
10,042
61,110
-
-
-
$22.31
$17.81
$18.46
$21.59
12.8%
13.5%
3.1%
12.6%
77,881
2,809
980
81,670
0.5%
0.1%
0.1%
0.4%
2,151,091
748,800
26,464
2,926,355
13.3%
13.5%
3.2%
13.0%
14.3%
14.2%
2.5%
13.8%
152,574
40,535
(6,222)
186,887
777,471
30,467
14,568
822,506
-
81,629
81,629
-
$29.52
$22.98
$18.58
$26.64
1,718,938
396,272
45,330
2,160,540
11.0%
8.7%
4.6%
10.2%
40,466
13,520
3,916
57,902
0.3%
0.3%
0.4%
0.3%
1,759,404
409,792
49,246
2,218,442
11.3%
9.0%
5.0%
10.5%
11.5%
9.8%
5.2%
10.9%
41,263
37,884
2,644
81,791
480,706
84,065
5,815
570,586
-
-
500,000
43,690
543,690
$33.24
$22.60
$17.97
$31.51
46,532,834
19,264,541
5,622,721
71,420,096
6,349,531
2,106,380
891,469
9,347,380
13.6%
10.9%
15.9%
13.1%
172,624
17,639
4,896
195,159
0.4%
0.1%
0.1%
0.3%
6,522,155
2,124,019
896,365
9,542,539
14.0%
11.0%
15.9%
13.4%
14.6%
11.5%
16.8%
13.9%
270,990
98,654
46,536
416,180
1,325,548
98,229
30,425
1,454,202
-
81,629
81,629
500,000
43,690
543,690
$28.36
$21.13
$18.34
$26.58
CENTRAL PERIMETER
A
72
20,774,030
B
142
7,266,310
C
85
1,470,643
Total
299
29,510,983
1,692,136
1,465,466
263,464
3,421,066
8.1%
20.2%
17.9%
11.6%
214,831
40,634
3,900
259,365
1.0%
0.6%
0.3%
0.9%
1,906,967
1,506,100
267,364
3,680,431
9.2%
20.7%
18.2%
12.5%
10.3%
21.3%
18.7%
13.4%
232,864
40,293
7,710
280,867
788,118
110,464
(10,318)
888,264
-
578,000
578,000
602,000
15,402
617,402
$27.07
$20.60
$12.42
$23.78
NORTH FULTON
A
101
B
312
C
68
Total
481
15,569,097
11,102,365
1,116,389
27,787,851
1,488,372
1,401,120
85,110
2,974,602
9.6%
12.6%
7.6%
10.7%
130,393
14,304
2,500
147,197
0.8%
0.1%
0.2%
0.5%
1,618,765
1,415,424
87,610
3,121,799
10.4%
12.7%
7.8%
11.2%
10.8%
12.8%
7.5%
11.5%
63,497
49,600
(3,357)
109,740
801,554
65,944
19,098
886,596
52,000
52,000
52,000
52,000
-
$23.18
$16.63
$15.44
$20.27
NORTHEAST ATLANTA
A
59
7,908,881
B
402
13,650,092
C
127
2,246,021
Total
588
23,804,994
1,091,181
3,177,229
306,022
4,574,432
13.8%
23.3%
13.6%
19.2%
145,434
45,692
191,126
1.8%
0.3%
0.8%
1,236,615
3,222,921
306,022
4,765,558
15.6%
23.6%
13.6%
20.0%
14.6%
23.4%
13.7%
19.6%
(78,516)
(31,977)
2,407
(108,086)
6,615
(98,579)
17,154
(74,810)
-
-
-
$20.15
$15.25
$12.33
$16.76
NORTHLAKE
A
22
B
310
C
156
Total
488
3,061,129
11,217,645
3,193,188
17,471,962
210,216
1,677,878
205,558
2,093,652
6.9%
15.0%
6.4%
12.0%
7,594
137,693
145,287
0.2%
1.2%
0.8%
217,810
1,815,571
205,558
2,238,939
7.1%
16.2%
6.4%
12.8%
7.8%
16.8%
6.3%
13.3%
20,469
69,604
(2,885)
87,188
12,189
240,585
30,790
283,564
-
-
-
$22.28
$17.09
$14.31
$17.58
NORTHWEST ATLANTA
A
72
B
422
C
153
Total
647
17,284,939
15,546,812
2,697,982
35,529,733
2,095,904
2,265,080
249,985
4,610,969
12.1%
14.6%
9.3%
13.0%
162,747
32,464
500
195,711
0.9%
0.2%
0.0%
0.6%
2,258,651
2,297,544
250,485
4,806,680
13.1%
14.8%
9.3%
13.5%
13.7%
14.8%
9.8%
13.9%
111,600
(3,255)
13,871
122,216
338,320
518,009
31,539
887,868
-
-
SOUTH ATLANTA
A
18
B
238
C
130
Total
386
1,521,022
9,120,216
2,532,555
13,173,793
198,087
1,063,026
325,155
1,586,268
13.0%
11.7%
12.8%
12.0%
10,304
18,501
1,100
29,905
0.7%
0.2%
0.0%
0.2%
208,391
1,081,527
326,255
1,616,173
13.7%
11.9%
12.9%
12.3%
14.7%
12.3%
13.3%
12.8%
15,668
40,910
9,930
66,508
256,462
158,778
36,601
451,841
-
WEST ATLANTA
A
B
66
C
39
Total
105
1,607,916
843,856
2,451,772
74,130
108,187
182,317
4.6%
12.8%
7.4%
-
74,130
108,187
182,317
4.6%
12.8%
7.4%
5.2%
15.2%
8.7%
10,103
19,940
30,043
24,873
25,980
50,853
-
6,775,896
11,123,929
1,543,481
19,443,306
10.2%
16.0%
10.9%
13.0%
671,303
289,288
8,000
968,591
1.0%
16.4%
11.0%
0.6%
7,447,199
11,413,217
1,551,481
20,411,897
11.3%
16.4%
11.0%
13.6%
11.8%
16.6%
11.3%
14.0%
365,582
175,278
47,616
588,476
2,203,258
1,020,074
150,844
3,374,176
52,000
52,000
778,000
52,000
830,000
1,060,000
71,402
1,131,402
$22.94
$16.41
$13.75
$18.33
11.7%
14.9%
12.3%
13.0%
843,927
306,927
12,896
1,163,750
0.7%
0.3%
0.1%
0.5%
13,969,354
13,537,236
2,447,846
29,954,436
12.4%
15.2%
12.4%
13.5%
13.0%
15.5%
12.9%
14.0%
636,572
273,932
94,152
1,004,656
3,528,806
1,118,303
181,269
4,828,378
52,000
52,000
778,000
133,629
911,629
1,560,000
115,092
1,675,092
$25.63
$17.36
$13.86
$21.45
1,163,750
1,310,952
1,151,875
1,234,017
1,189,492
0.5%
0.6%
0.5%
0.6%
0.5%
29,954,436
30,907,092
31,864,090
32,950,504
33,871,185
13.5%
14.0%
14.4%
14.9%
15.4%
14.0%
14.4%
14.9%
15.4%
15.7%
1,004,656
1,038,627
1,664,414
1,120,681
919,250
4,828,378
3,823,722
2,785,095
1,120,681
3,630,846
52,000
81,629
578,000
200,000
271,298
911,629
859,629
778,000
200,000
828,420
1,675,092
1,671,092
1,444,721
1,829,031
1,961,629
$21.45
$21.15
$20.70
$20.16
$20.07
CLASS
SUBLET
VACANCY
(SF)
Deliveries
SUBLET
VCY %
BLDGS
EXISTING
INVENTORY
(SF)
Absorption
UNDER
CONSTR
(SF)
AVG
RENT
RATE
URBAN
SUBURBAN
SUBURBAN TOTAL
A
344
B
1,892
C
758
Total
2,994
66,119,098
69,511,356
14,100,634
149,731,088
-
200,000
200,000
-
458,000
56,000
514,000
$25.18
$16.60
$12.73
$20.47
-
$19.79
$15.74
$13.16
$15.87
-
$12.96
$15.85
$13.58
ATLANTA MARKET GRAND TOTAL
A
B
C
Total
460
2,121
908
3,489
112,651,932
88,775,897
19,723,355
221,151,184
13,125,427
13,230,309
2,434,950
28,790,686
Quarterly Comparisons and Totals
QUARTERLY COMPARISON AND TOTALS
Q4-15
3,489
221,151,184
28,790,686
Q3-15
3,488
221,099,184
29,596,140
Q2-15
3,487
221,017,555
30,712,215
Q1-15
3,486
220,439,555
31,716,487
Q4-14
3,485
220,239,555
32,681,693
13.0%
13.4%
13.9%
14.4%
14.8%
NOTE: STATISTICAL SET CONSISTS OF OFFICE PROPERTIES 10,000 SF AND UP, INCLUDING OWNER-OCCUPIED
PROPERTIES; AND EXCLUDING MEDICAL OFFICE AND PROPERTIES WHERE THE GOVERNMENT IS 100% OWNER AND
OCCUPIER. WHILE COSTAR ATTEMPTS TO PROVIDE THE MOST ACCURATE DATA AT THE END OF EVERY QUARTER,
REVISIONS ARE MADE THROUGHOUT THE YEAR ACCOUNTING FOR DISCREPANCIES IN PAST REPORTING.
5
SOURCES: COSTAR PROPERTY, COLLIERS RESEARCH
Research & Forecast Report | Year-End 2015 | Atlanta Office | Colliers International
Atlanta Office Submarkets
Canton
Allatona
Lake
Emerson
Lake
Lanier
FUL
L
FULTON
CO.
FOR
R
FORSYTH
CO.
Cartersville
HA
GW
INN LL CO
.
ETT
CO
.
NORTH
FULTON
Woodstock
BARTOW CO.
Sugar Hill
FO
RS
FU
Mountain
Park
N
CO
.
CO
.
NORTHEAST
ATLANTA
e
hooch e
tac
Cha
t
PAULDING CO.
COBB CO.
Alpharetta
Roswell
NORTHWEST
ATLANTA
Bras
H
YT
O
LT
CHEROKEE CO.
Acworth
Buford
Rive
r
BARTOW CO.
CHEROKEE CO.
GAINESVILLE
Duluth
316
CO
BB
FU
LT
CO
O
.
N
CO
.
MARIETTA
CENTRAL
PERIMETER
Lawrenceville
DORAVILLE
Norcross
CHAMBLEE
SMYRNA
NORTHLAKEG
W
I
DE NNE
KA TT
LB
C
CO O.
.
BUCKHEAD
Austell
COBB CO.
DOUGLAS CO.
Clarkston
WEST
ATLANTA
ch
e
Douglasville
Stone
Mountain
MIDTOWN
DE
ECA
ATUR
DECATUR
CO
.
ATLANTA
e
Avondale
Estate
Estates
DOWNTOWN
att
o
ho
ac
Ch
DEKALB
HENRY
Hartsfield-Jackson
International Airport
Palmetto
FOREST
PARK
SOUTH
ATLANTA
Riverdale
Riverda
Fairburn
FULTON CO.
COWETA CO.
675
Stockbridge
O.
ON C
FULT
CO.
TTE
FAYE
Jonesboro
CO
.
Submarket Size & Occupancy
SUBMARKET
SIZE
OCCUPANCY %
35.5 msf
86.5%
Central Perimeter
29.5 msf
87.5%
North Fulton
27.8 msf
88.8%
Downtown
27.7 msf
84.1%
Northeast Atlanta
23.8 msf
80.0%
Midtown
22.5 msf
87.0%
Buckhead
21.2 msf
89.5%
Northlake
17.5 msf
87.2%
South Atlanta
13.2 msf
87.7%
West Atlanta
2.5 msf
92.6%
Conyers
Covington
Northwest
Atlanta
McDonough
BU
TT
S
CO
.
HENRY CO.
CLAYTON CO.
Fayetteville
W
AL
TO
N
RO
C
NE KDA
WT LE
ON CO
CO .
.
CLAYTON
LAYT
L
A ON CO.
Union City
CO.
CO.
DE
KAL
RO
BC
CK
O.
DA
LE
CO
.
Lithonia
EAST
POINT
COLLEGE
PARK HAPEVILLE
Newnan
Peachtree City
The Atlanta office market
consists of ten submarkets.
They include the urban markets
of Downtown, Midtown and
Buckhead, and the suburban
markets of Central Perimeter,
North Fulton, Northwest Atlanta,
Northeast Atlanta, Northlake,
South Atlanta and West Atlanta.
The major interstates in the
region include: I-75, I-85, I-285,
I-575, I-985, I-675 and I-20.
Georgia 400 and US 316 also
play important roles to Atlanta’s
transportation system.
Snellville
G
W
IN
NE
TT
r
R
iv
e
PAULDING CO.
DEKALB C
CO.
FULTON CO.
C
Powder
Springs
OFFICE SUBMARKETS
Cumming
CHEROKEE CO.
FOR MORE INFORMATION
Russ D. Jobson, SIOR
SVP, Principal | Atlanta
+1 404 877 9245
[email protected]
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
6
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Atlanta, Georgia, 30309
+1 404 888 9000
colliers.com/atlanta
North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International