The Peachtree Corners office submarket saw positive absorption of 43,087 square feet across all property classes in Q4 of 2022. While this is positive news, 2022 still saw negative net absorption of 91,941 square feet, mostly due to large losses in Q1 and Q3.
The major Q4 moves included Wiseman Multimedia & BSI occupying 22,363 square feet at 420 Technology Pky, and Sparus Holdings taking 19,702 square feet at 192 Technology Pky, while JTS Healthcare moved out of 29,888 square feet at 45 Technology Pky.
The amount of space available for sublease is growing in Peachtree Corners, currently sitting at 3.9% of existing inventory compared to just 1.4% in Q4 of 2021. This figure is still among the lowest of Atlanta’s suburban submarkets.
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.
Corners Caps Up-And-Down 2022 With a Positive Q4 Tenant Property Landlord SF Lease Type NAC International 2 Sun Ct Redline Property Partners
New Lease Wiseman Multimedia & BSI 420 Technology Pky Ozinus Realty
New Lease Sparus Holdings 192 Technology Pky TerraCap Management
Lease Cape Environmental Mangement 500 Pinnacle Ct Mitchell Long
Renewal Property Price SF $/SF Date Buyer The Forum $123,500,000 518,500 $238.19 3/18/2022 North American Properties 5335 Triangle Pky $26,725,000 109,171 $244.80 7/11/2022 Midtown Realty Group 6801 Governors Lake Pky $7,485,150 101,105 $74.03 10/10/2022 Great Atlanta Realty RECENT PEACHTREE CORNERS LEASES 16% 17% 18% 19% 20% 21% 22% 23% ‐150,000 ‐100,000 ‐50,000 0 50,000 100,000 150,000 200,000 Q2 2021 Q4 2021 Q2 2022 Q4 2022 Absorption Vacancy Rate PTREE CORNERS Total Inventory SF Direct Vacancy Rate Sublease Vacancy Rate Total Vacant SF Vac Rate Q4 ‘22 Vac Rate Q3 ‘22 Net Absorp Q4 ‘22 Net Absorp YTD Deliveries YTD Under Constr Avg Rent (FSG) Class A 2,641,197 25.9% 1.5% 724,687 27.4% 28.6% 31,158 (15,495) - - $22.72 Class B 3,864,664 14.9% 1.1% 616,510 16.0% 16.3% 13,919 (84,194) - - $19.08 Class C 881,902 6.1% 0.2% 55,517 6.3% 6.1% (1,999) 7,748 - - $18.37 Total 7,387,763 17.8% 1.1% 1,396,714 18.9% 19.5% 43,078 (91,941) - - $20.91 ABSORPTION AND VACANCY RATE Source: CoStar Peachtree Corners Submarket Q4 2022 ATLANTA OFFICE REPORT The Forum Redevelopment 5660 Spalding Dr 630 MF Units, Hotel, Food Hall 170 Apartments, Retail North American Properties PEACHTREE CORNERS CURRENT & FUTURE PROJECTS RECENT PEACHTREE CORNERS INVESTMENT SALES Source: CoStar, LPC Research
Peachtree
23,362
22,363
19,702 New
13,410
• North American Properties plans new retail, residential elements to newly purchased Forum: Purchased in March of 2022, North American Properties is planning a multi-million-dollar makeover of Peachtree Corners’ The Forum. Early plans include converting a Barnes & Noble into multifamily, replacing surface parking with new retail, and creating a more walkable, friendly public space.
• Intuitive Surgial plans $500 million, 1,200 job expansion: Based in California, Intuitive Surgical is a market leader in robotic surgery. The company is planning a massive expansion in Peachtree Corners, where they already have around 180 employees at 5655 Spalding Dr (Spalding Triangle Office Park I). They plan to take over 750,000 square feet of space and create 1,200 new jobs as they move their manufacturing, engineering, and training operations to Georgia.
The Forum 5655 Spalding Dr
Michael Howell Sr. Vice President 404.266.7600 mhowell@lpc.com The information contained herein has been obtained from the owner of the property or from a source
Lincoln Property Company Southeast 3405 Piedmont Road, Suite 450 Atlanta, GA 30305 404 266 7600
Fergus / Hunter Henritze Seabie Hickson
deemed reliable.
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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. Property
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Company has no reason to doubt its accuracy, we do not guarantee it.
2 Sun 190-192 Tech Park 30 Tech Park Lakeside at Peachtree Corners 35 Tech Park 2 Sun Court 190/192 Tech Pky 30 Technology Pky S 5390/5250 Triangle Pky 35 Technology Pky S 4,500 SF - 15,000 SF 5,000 SF - 30,000 SF 5,000 SF - 14,600 SF 8,372 SF - 41,579 SF Fully Leased Matt Fergus / Seabie Hickson Michael Howell Matt Fergus / Seabie Hickson Hunter Henritze Matt Fergus / Seabie Hickson Hunter Henritze Michael Howell Hunter Henritze Matt
ATLANTA OFFICE REPORT | PEACHTREE CORNERS SUBMARKET Q4 2022
Lincoln Peachtree Corners Listings
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.
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