CBRE Research found that the overall office vacancy rate in Atlanta's suburban markets has decreased since 2014, and asking rents have increased as a large attraction for office tenants within the suburbs has been mixed-use developments like Avalon. The success of Avalon has had a positive ripple effect on the surrounding office development.

Since its construction began in 2013, the average overall asking office rent in the North Fulton submarket has increased 26.8%. In fact, average rents within a mile of Avalon have increased an impressive 38.2% since 2013 while the remainder of the North Fulton submarket has increased 23.8%.

With 500,000 square feet of retail, 108,000 square feet of loft office, 750,000 square feet of class A office towers, concierge service, a movie theater, upscale hotel and conference center, 100 single-family homes and 250 luxury rental homes, Avalon mimics the conveniences of an urban development in a suburban market. Experiential retail is also a key part of the development.

Bo Keatley, John Flack and David Rubenstein of Savills Studley signed the newest tenant, Frazier & Deeter. David Dixon at NAI Brannen Goddard represented Anderson Hair Sciences. Andy Lundsburg at Bull Realty Plastic Surgery Group of Atlanta.

The Atlanta office submarket is hopping on the office trade front. In Alpharetta, an office complex recently traded for $57 million. And the Sanctuary Park sold for $265 million.

ATLANTA—Demand for office space in North Fulton's Avalon mixed-use development has shifted the CBRE leasing team's original plans to fill a 38,000-square-foot space with medical office. What was originally conceived as healthcare real estate space has now leased 87% to a mixture of office and light medical.

Developed by Hines and Cousins Properties—and Western Devcon-owned—momentum at the office development has led to an influx of users at Avalon. Avalon West has attracted tenants such as Evans Contracting, Frazier & Deeter, Anderson Hair Sciences Center and Plastic Surgery Group of Atlanta to the free-standing would-be medical campus, which delivered in June.

CBRE's Bryan Heller, Heather Lamb and Parker Nelson are leading the office leasing. This team, along with Peter McGuone, leased the first phase loft office to 100% within a few months of the first Avalon phase grand opening.

”Any office supply that has delivered on campus at Avalon has proven to lease up extremely fast,” Bryan Heller, CBRE senior vice president, tells GlobeSt.com. “From the moment Avalon delivered in 2014, the project has attracted not only the best in class retailers and restaurants, but also some of the most dynamic and well-respected companies in their respective fields.”

CBRE Research found that the overall office vacancy rate in Atlanta's suburban markets has decreased since 2014, and asking rents have increased as a large attraction for office tenants within the suburbs has been mixed-use developments like Avalon. The success of Avalon has had a positive ripple effect on the surrounding office development.

Since its construction began in 2013, the average overall asking office rent in the North Fulton submarket has increased 26.8%. In fact, average rents within a mile of Avalon have increased an impressive 38.2% since 2013 while the remainder of the North Fulton submarket has increased 23.8%.

With 500,000 square feet of retail, 108,000 square feet of loft office, 750,000 square feet of class A office towers, concierge service, a movie theater, upscale hotel and conference center, 100 single-family homes and 250 luxury rental homes, Avalon mimics the conveniences of an urban development in a suburban market. Experiential retail is also a key part of the development.

Bo Keatley, John Flack and David Rubenstein of Savills Studley signed the newest tenant, Frazier & Deeter. David Dixon at NAI Brannen Goddard represented Anderson Hair Sciences. Andy Lundsburg at Bull Realty Plastic Surgery Group of Atlanta.

The Atlanta office submarket is hopping on the office trade front. In Alpharetta, an office complex recently traded for $57 million. And the Sanctuary Park sold for $265 million.