Q4 2022 Report
West Midtown Continues to Grow After Strong Year
West Midtown recorded its fourth straight quarter of positive absorption at 15,487 square feet bringing the grand total for the year to 352,538 square feet. In addition to absorption, leasing activity remained consistent with 86,447 square feet signed in Q4. The largest signing this quarter driving leasing activity belongs to Saras Micro Devices (17,706 sf) at Inland Tract. However, despite this positive activity and absorption, vacancy remains elevated at 23.8% due to the rise of subleasing activity along with the recent delivery of Allied Studios (185,000 sf) and Westside Paper (223,851 sf). While Allied Studios is 100% leased with full occupancy expected next quarter, Westside Paper remains fully unleased. There are currently three projects totaling 505,423 square feet expected to deliver in the coming year.
1,110,836 sf under construction
765 Echo
274,976 SF May 2023
Lincoln Property Company
745 Echo
21,273 SF May 2023
Lincoln Property Company
Interlock Office Phase II
209,174 SF Aug 2023
SJC Ventures Science Square Labs
364,871 SF Mar 2024
Trammell Crow Company
1050 Brickworks
225,000 SF Apr 2024
Asana Partners
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
WEST MIDTOWN Total Inventory SF Direct Vacancy Rate Sublease Vacancy Rate Total Vacant SF Vac Rate Current Qtr Vac Rate Prior Qtr Net Absorp Q4 Net Absorp YTD Deliveries Under Constr Avg Rent (FSG) Class A 1,639,493 34.3% 4.8% 640,563 39.1% 30.2% 10,885 348,196 323,851 1,110,836 $46.96 Class B 1,457,213 13.0% 0.5% 197,107 13.5% 13.8% 4,643 1,431 40,000 - $31.92 Class C 520,567 4.2% 0.0% 21,739 4.2% 4.2% (41) 2,911 - - $23.79 Total 3,617,273 21.4% 2.4% 859,409 23.8% 19.2% 15,487 352,538 363,851 1,110,836 $42.78
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N O R T H S D E D R W W E S L E Y R D N W MOORES MILL RD MARIETTA BLVD NW CHATTAHOOC H E E AVE NW 3 HOWELL MILL RD 1 7 T H S T 14TH ST 10TH ST NORTHAVE NW DONALD
ACTIVE WEST MIDTOWN UNDER CONSTRUCTION PROJECTS PE A C H TREE BAT TLE AV E
LEE HOLLOWELL
DEEP DIVE
West Midtown
• 765 Echo tops out: The main office building of Lincoln Property Company’s Echo Street West development in the English Avenue neighborhood has topped out. 765 Echo is 274,976 square feet and stands four stories tall. The end of Q2 2023 is being targeted as the building’s delivery date.
Nike begins innovation buildout: Nike has recently filed permits this week to begin its buildout at Star Metals. The permits include new partitions, lighting, and upgrades to mechaanical, electrical, and plumbing systems. The new office will focus on supply chain, cyber security and artificial intelligence.
• Science Square Labs breaks ground: Set to deliver in 2024, a joint life sciences venture from Georgia Tech and Trammell Crow has broken ground in West Midtown. Located at the intersection of Northside Dr and Cameron M Alexander Blvd, Science Square Labs will bring 360,000 square feet of life sciences space to the Atlanta market.
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. Nathan Bell Research Manager 229.349.4781 nbell@lpc.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. IN THE MARKET
Echo Street West Complex West Midtown Inland Tract Puritan Mill Ellsworth Office Lofts 745 & 765 Echo St NW 1175 Chattahoochee Ave 1218 & 1236 Menlo Dr 916 & 950 Joseph E. Lowery Blvd NW 1510 Ellsworth Industrial Blvd 21,000 SF - 300,000 SF 4,000 SF - 18,000 SF 8,000 SF - 11,000 SF 1,800 SF - 11,000 SF 3,700 SF - 12,000 SF Michael Howell / Hunter Henritze Caroline Fisher Caroline Fisher
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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.
765 Echo
Q4 2022 REPORT DEEP DIVE
Science Square
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