Demand for office space remains soft as availability continues to rise

Demand for office space in the Atlanta market remained soft in the third quarter of 2023 as a result of greater economic uncertainty. Leasing activity in Q3 2023 totaled 1.7 million square feet (msf), a decrease from 2.0 msf in Q3 2022. Occupiers have shown signs of indecision in an environment laden with rising interest rates, banking volatility, and the increasing use of hybrid workplace strategies despite the region's strong underlying employment fundamentals. Even in the face of leasing declines in recent quarters, the Atlanta office market remains highly desirable compared to other major markets due to its rich diversity of talent, broad foundational industry base and lower cost of living.

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