ATLANTA OFFICE REPORT
Cumberland/Galleria Submarket
Q2 2022
Activity Returning as Cumberland/Galleria Has Best Quarter Since 2019
ABSORPTION AND VACANCY RATE
• The Cumberland/Galleria submarket saw positive absorption of 237,376 square feet in Q2 of 2022, the best absorption quarter the submarket has seen since Q4 of 2019. Among the move-ins that contributed to Q2’s positive number were Zep Inc. occupying 25,721 sf at Galleria 600, Georgia Highlands College taking 21,575 sf at 1090 Northchase Pky, and Piedmont Healthcare moving into 20,134 sf at Paces West.
300,000
23%
200,000
22% 21%
100,000
20%
0
19% ‐100,000
18%
‐200,000
• The submarket’s vacancy rate fell 90 basis points (0.9%) in Q2, the first vacancy rate drop in over 2 years.
17%
‐300,000 ‐400,000
• Class A asking rents fell slightly in Q2, but have risen 1.6% over the past four quarters.
16%
Q4 2020
Q2 2021 Absorption
Q4 2021
Q2 2022
Vacancy Rate
15%
Source: CoStar
Total Inventory SF
Direct Vacancy Rate
Sublease Vacancy Rate
Total Vacant SF
Vac Rate Q2 ‘22
Vac Rate Q1 ‘22
Net Absorp Q2 ‘22
Net Absorp YTD
Deliveries YTD
Under Constr
Avg Rent (FSG)
Class A
14,190,934
19.0%
1.8%
2,947,407
20.8%
21.8%
146,027
142,170
-
-
$30.19
CL/GA
Class B
7,503,387
17.8%
0.3%
1,358,416
18.1%
19.4%
100,966
45,191
-
-
$21.62
Class C
813,473
5.7%
0.0%
46,107
5.7%
4.5%
(9,617)
(17,218)
-
-
$18.51
Total
22,507,794
18.1%
1.2%
4,351,930
19.3%
20.4%
237,376
170,143
-
-
$27.56
TOP CUMBERLAND/GALLERIA LEASES Q2 2022 Tenant Truist Brand Industrial Services GA Div of Family & Children Services Work Suites
Property
Landlord
SF
Lease Type
900 SE Battery Ave
Braves Development Company
250,000
New Lease
Galleria 600
Piedmont Office Realty Trust
53,080
New Lease
1090 Northchase
James Rafton
48,000
New Lease
3100 Interstate N Cir
Rubenstein Partners
26,716
New Lease
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
Chastain Meadows
3400 Overton
The Gold Building
60 Chastain Center Blvd
350, 375, 400, 425 & 450 Franklin Rd
222, 3330 & 3380 Chastain Meadows Parkway
3400 Overton Park Dr
1945 The Exchange SE
3,000 SF - 11,000 SF
7,000 SF - 15,000 SF
10,000 SF - 43,831 SF
100% Leased
4,200 SF
Matt Fergus / Hunter Henritze Seabie Hickson
Michael Howell / Caroline Fisher / Robert deGollian
Michael Howell / Hunter Henritze Caroline Fisher
Matt Fergus / Hunter Henritze Robert deGolian
Michael Howell / Matt Fergus
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.