Despite strong office leasing volume, office availability near record high

As the first half of 2022 comes to a close, occupiers continue to show signs of confidence as leasing volume remains strong. In Q2 2022, leasing activity totaled 2.2 million square feet (msf), representing an 125% increase over the 1.0 msf leased in Q2 2021. Transaction volume has increased in recent quarters as corporate occupiers have regained confidence and are more willing to make longer-term real estate decisions. Despite this rise in leasing volume, availability remains near a 10-year high ending the quarter at 26.5% mostly due to larger blocks of available space coming to market and new office projects recently delivered. Class A properties have shown high availability at 30.6% across Atlanta with Buckhead’s Class A properties reporting an availability of 35.6%, a record for the submarket. As a result, expect landlords to continue to compete for occupancy by increasing concessions. Given the current supply and demand imbalance, Atlanta will remain a tenant-favorable environment for the near future.

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