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. lpcsoutheast.com • Northwest Atlanta saw positive absorption of 201,481 square feet across all property classes in Q2 of 2022, the best quarter for the submarket since 2019. The biggest moves in Q2 included Piedmont Healthcare taking 20,134 square feet at Paces West, Zep Inc moving into 25,721 square feet at Galleria 600, and Georgia Highlands College occupying 21,575 square feet at 1090 Northchase. • The submarket’s vacancy rate fell 70 basis points (0.7%) in Q2 to 17.9%, the second-lowest rate among all major Atlanta submarkets, behind only Northeast Atlanta. • The average Class A rental rate in Northwest Atlanta has risen 1.5% in the past year, finishing Q2 at $30.05. Strong Q2 Sees Northwest Atlanta Post Best Quarter Since 2019 Tenant Property Landlord SF Lease Type Truist 900 SE Battery Ave Braves Development Company 250,000 New Lease Brand Industrial Services Galleria 600 Piedmont Office Realty Trust 53,080 New Lease GA Div of Family & Children Services 1090 Northchase James Rafton 48,000 New Lease TOP NORTHWEST ATLANTA LEASES Q2 2022 12% 13% 14% 15% 16% 17% 18% 19% 20% 300,000 200,000 100,000 0 100,000 200,000 300,000 Q4 2020 Q2 2021 Q4 2021 Q2 2022 Absorption Vacancy Rate Galleria 500 200 City View Encore Center Proposed 450,000 SF | Proposed 350,000 SF | Proposed Piedmont Office Realty Trust Pope & Land Preferred Office Properties WESTNORTH InventoryTotalSF VacancyDirectRate VacancySubleaseRate VacantTotalSF VacQ2Rate‘22 VacQ1Rate‘22 Net AbsorpQ2‘22 Net AbsorpYTD DeliveriesYTD ConstrUnder Avg(FSG)Rent Class A 15,678,839 18.6% 1.8% 3,202,486 20.4% 21.3% 140,188 111,178 $30.05 Class B 11,754,497 15.8% 1.0% 1,978,450 16.8% 17.6% 94,710 10,489 43,367 $21.95 Class C 2,011,930 4.7% 0.0% 94,569 4.7% 3.0% (33,417) (42,809) $16.68 Total 29,445,266 16.6% 1.4% 5,275,505 17.9% 18.6% 201,481 78,858 43,367 $27.09 NORTHWEST ATLANTA PROPOSED PROJECTS Property Price SF $/SF Date Buyer One Overton Park $72,850,000 407,349 $178 5/27/2021 CP Group Cumberland Center $34,200,000 111,185 $309 8/16/2021 SilverCap Partners Parkwood Point $29,500,000 219,660 $134 6/23/2022 Balfour Pacific RECENT NORTHWEST ATLANTA INVESTMENT SALES fallenVacancyratehas0.3%YTDABSORPTION AND VACANCY RATE Source: CoStar Source: CoStar, LPC Research Northwest Atlanta Submarket Q2 2022 ATLANTA OFFICE REPORT
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. THE MARKET Northwest Atlanta Listings
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• New Development Could Add Mixed-Use Project Near Truist Park: RASS Associates, a Roswell-based development company, is looking to build an 8-acre project at 2800 Spring Road, just a stone’s throw away from The Battery. The project is set to include a 350-unit apartment building, a 200-key hotel, and 30,000 square feet of retail. RASS Associates purchased the property in 2019, on which currently sits the vacant Emerson Center office complex. 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. 2800 Spring
Truist ProposedParkProject at
• Truist to build new tower at The Battery: Truist Securities will be moving 1,000 jobs from Buckhead to The Battery in 2024. The namesake of the Braves’ stadium, Truist will be relocating their Securities division from the Atlanta Financial Center, where they currently occupy around 150,000 square feet. Truist’s lease is set to expire in 2025, with their new digs scheduled for a 2024 delivery. The new build-to-suit tower will be located behind home plate with views overlooking the field.
ATLANTA OFFICE REPORT | NORTHWEST ATLANTA SUBMARKET Q2 2021 Lincoln
Road 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 Michael Howell / Matt Fergus Matt Fergus / Hunter Henritze Seabie Hickson Michael Howell / Caroline Fisher / Robert deGollian Michael Howell / Hunter Henritze Caroline Fisher Matt Fergus / Hunter Henritze Robert deGolian
Need MarketMoreIntel? Lincoln Property Company Southeast 3405 Piedmont Road, Suite 450 Atlanta, GA 30305 404 266 7600 About LPC SE: Lincoln Property Southeast is a commercial real estate firm offering a comprehensive suite of value-added services for our clients. With our substantial local presence and history in the Southeast region, we are ideally situated to provide a superior service, which comes from knowing the goals and challenges faced by our clientele: tenants, investors, lenders and owners of commercial real estate. Our people and our philosophy are the key ingredients for Lincoln’s solid track record of success.
Spencer Papciak Research spapciak@lpc.com678.498.7676Manager
