The Atlanta office market remained strong in 2Q 2016, with overall asking rents eclipsing $23 for the first time — topping out at $23.07/foot, according to Cushman & Wakefield Research. The rate for Class A space reached $26.88, up 3% from $26.09 in the first quarter.
The most sought-after submarket for Class A space was Midtown, which saw rates hit $33.34/foot, a 2% jump from the first quarter, when the rent was $32.67. The highest overall asking rent for a submarket was $31.45/foot in Buckhead. Behind Buckhead were Midtown ($29.33), I-75/Northside Drive ($28.55), Central Perimeter ($25.48) and Downtown ($22.94).
The overall vacancy rate ticked down from 16.2% in 1Q to 16.0% in the second quarter, and those rates didn’t change significantly in most of the major submarkets. Buckhead was at 12.0%, virtually unchanged from 11.9% the previous quarter. Midtown sat at 14.0%, a small drop from 14.2% in 1Q.
For much more from this Cushman & Wakefield Research Report, including all the stats for Atlanta overall, as well as each submarket, click below to download the full report.