ATLANTA OFFICE REPORT
Cumberland/Galleria Submarket
Q1 2022
Cumberland/Galleria Starts 2022 Slow, Rates Beginning to Climb
ABSORPTION AND VACANCY RATE
• The Cumberland/Galleria submarket saw negative absorption of (136,405) square feet across all property classes in Q1 of 2022. Over the past 12 months, Class A properties have experienced positive absorption of 20,693 square feet, while the heaviest losses have been sustained by the Class B product, with negative absorption of (139,677) square feet.
150,000
23%
100,000
22%
50,000
21%
0
20%
‐50,000
19%
‐100,000
18%
‐150,000
• The submarket’s vacancy rate rose 60 basis points (0.6%) in Q1, and has risen a total of 180 basis points (1.8%) over the past 12 months.
17%
‐200,000
16%
‐250,000 ‐300,000
Q3 2020
• Class A rents in Cumberland/Galleria rose 1.2% in Q1 of 2022 to $30.28, but have risen just a total of 1.6% over the past two years.
Q1 2021 Absorption
Q3 2021
Q1 2022
Vacancy Rate
15%
Source: CoStar
Total Inventory SF
Direct Vacancy Rate
Sublease Vacancy Rate
Total Vacant SF
Vac Rate Q1 ‘22
Vac Rate Q4 ‘21
Net Absorp Q1 ‘22
Net Absorp Last 12 Mos
Deliveries
Under Constr
Avg Rent (FSG)
Class A
14,268,282
19.8%
2.5%
3,177,985
22.3%
22.0%
(42,687)
20,693
-
-
$30.28
CL/GA
Class B
7,557,258
19.9%
0.4%
1,533,935
20.3%
19.2%
(86,117)
(139,677)
-
-
$21.36
Class C
820,878
4.4%
0.0%
36,490
4.4%
3.5%
(7,601)
(17,774)
-
-
$17.79
Total
22,646,418
19.3%
1.7%
4,748,410
21.0%
20.4%
(136,405)
(136,758)
-
-
$27.51
TOP CUMBERLAND/GALLERIA LEASES Q1 2022 Tenant
Property
Landlord
SF
Lease Type
1090 Northchase
James Rafton
48,000
New Lease
Zep, Inc.
Galleria 600
Piedmont Office Realty Trust
25,721
New Lease
Guardian Pharmacy
Galleria 300
Piedmont Office Realty Trust
25,282
New Lease
2500 Cumberland
Noro Management
24,982
Sublease
GA Div of Family & Children Services
Sterling Seacrest Pritchard
Lincoln Property Company Atlanta tracks Class A, B, and C office buildings that are 10,000 square feet or greater, and excludes owner occupied, medical, and government buildings.
Lincoln Northwest Atlanta Listings
Chastain Center
Cobb Corporate Center
3400 Overton
The Gold Building
60 Chastain Center Blvd
350, 375, 400, 425 & 450 Franklin Rd
3400 Overton Park Dr
1945 The Exchange SE
3,000 SF - 11,000 SF
7,000 SF - 15,000 SF
3,000 SF
4,200 SF
Michael Howell / Matt Fergus
Matt Fergus / Hunter Henritze Seabie Hickson
Michael Howell / Hunter Henritze Caroline Fisher
Matt Fergus / Hunter Henritze Robert deGolian
Spencer Papciak
Research Manager
678.498.7676
spapciak@lpc.com
lpcsoutheast.com
The information contained herein has been obtained from the owner of the property or from a source deemed reliable. While Lincoln Property Company has no reason to doubt its accuracy, we do not guarantee it.