ATLANTA OFFICE REPORT
Cumberland/Galleria Submarket
Q3 2022
Second Consecutive Positive Quarter for Cumberland/Galleria
ABSORPTION AND VACANCY RATE
• The Cumberland/Galleria submarket saw positive absorption of 83,521 square feet in Q3 of 2022. Year-to-date, the submarket has seen positive absorption of 267,238 square feet. Notable move-ins included the Georgia Division of Family & Children Services taking 48,000 square feet at 1090 Northchase Pky and Soliant occupying 22,969 square feet at Galleria 200.
300,000
23%
200,000
22% 21%
100,000
20%
0
19% ‐100,000
• Cumberland/Galleria’s vacancy rate fell 30 basis points (0.3%) in Q3, and has fallen 150 basis points (1.5%) since Q1 of this year.
‐200,000
• Class A rents have been mostly stagnant in Cumberland/Galleria over the past three years, having risen just 1.3% since Q4 of 2019.
‐400,000
18% 17%
‐300,000
16%
Q1 2021
Q3 2022
Q1 2022
Absorption
Q3 2022
Vacancy Rate
15%
Source: CoStar
Total Inventory SF
Direct Vacancy Rate
Sublease Vacancy Rate
Total Vacant SF
Vac Rate Q3 ‘22
Vac Rate Q2 ‘22
Net Absorp Q3 ‘22
Net Absorp YTD
Deliveries YTD
Under Constr
Avg Rent (FSG)
Class A
14,221,072
19.5%
0.9%
2,904,805
20.4%
20.7%
42,602
184,772
-
-
$30.12
CL/GA
Class B
7,434,622
17.0%
0.5%
1,299,800
17.5%
18.1%
45,042
103,807
-
-
$21.98
Class C
686,494
7.3%
0.0%
50,230
7.3%
6.7%
(4,123)
(21,341)
-
-
$18.76
Total
22,342,188
18.3%
0.7%
4,254,835
19.0%
19.4%
83,521
267,238
-
-
$27.58
TOP CUMBERLAND/GALLERIA LEASES Q3 2022 Tenant
Property
Landlord
SF
Lease Type
Northcreek 100
GEM Realty Capital
51,042
New Lease
Wildwood Center
Vision Properties
23,681
New Lease
Parkway One
The Simpson Organization
20,985
New Lease
RiverEdge One
Coro Realty Advisors
16,798
Renewal
Cleveland Electric Company EyeQ Monitoring The Conlon Company Crown & Caliber
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
Barrett Summit
Chastain Center
Cobb Corporate Center
Chastain Meadows
3400 Overton
The Gold Building
1990 Vaughn Rd
60 Chastain Center Blvd
350, 375, 400, 425 & 450 Franklin Rd
222, 3330 & 3380 Chastain Meadows Pky
3400 Overton Park Dr
1945 The Exchange SE
10,000 SF - 180,000 SF
3,000 SF - 11,000 SF
7,000 SF - 15,000 SF
10,000 SF - 43,831 SF
100% Leased
2,051 SF
Seabie Hickson / Matt Fergus
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
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.