ATLANTA—Overall office rental rates in Atlanta increased to an all-time high of $21.73 per square foot in the third quarter of 2015. That's according to CBRE's latest market report.

"The Atlanta real estate community indicates it's a landlord market,” Bryan Heller, CBRE senior vice president of Agency/Landlord Brokerage Representation, tells GlobeSt.com. “It's not black or white, as it's always dynamic, but anyone who purchased office product since the downturn is likely to have harvested real returns and appreciation or has already sold.”

Recent year-over-year rental growth has driven rates up quicker than expected, with an increase of 4.9% from this time last year. Class A rents have attained a new record themselves, with rates at an average of $24.14 per square foot. That's an increase of 5.41% from the third quarter of 2014. All told, the Cumberland Galleria submarket had the greatest absorption this quarter at 134,568 square feet with Midtown following at 92,947 square feet.