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Vacancies Hit 21% as Office Market Continues to Soften

ATLANTA-First-quarter numbers released by Cushman & Wakefield of Georgia Inc. demonstrate that Atlanta's office sector is still feeling the effects of a battered national economy.

By Stacey Corso | Updated on April 05, 2002

ATLANTA-For the first time in years, Atlanta’s overall office vacancy rate for non-CBD properties has exceeded 21%. Meanwhile, according to the local office of Cushman & Wakefield, availability of office product in every major submarket is rising, sublease space is still being dumped and lease activity is minimal.

Given the state of the national economy, these trends are not surprising, Alan C. Travis, senior research associate at C&W, tells GlobeSt.com. The most glaring statistic revealed in the Q1 report is the 21.3% overall vacancy rate (for 18.1 million sf) of non-CBD product. Availability has swelled since the 4th quarter, when it stood at 19.5%, C&W states.

The central business district, which contains about 13.9 million sf of class A, B and C space, posted a slightly better performance. Vacancies in that submarket climbed to 16.9%, compared to 15.6% the previous quarter.

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