Atlanta's office sector has been seeing a strong recovery from the pandemic, as documented in Avison Young's latest report analyzing the market and the asset class.
Leasing activity in 2024 in the metro area hit 10.6 million square feet, up 8.8 percent from the previous year. While that figure remains down 21 percent from pre-pandemic averages (2015-2019), it's outperformed major prime and gateway regions including Los Angeles, Chicago, Boston, and San Francisco. Activity is down 29 percent, 33 percent, 39 percent, and 37 percent from the pre-pandemic average. Meanwhile, Manhattan and Washington, D.C. have seen the best recoveries, with leasing only down 10 percent and 20 percent respectively.
AIG made the biggest lease deal, which was for a 178,666-square-foot property on 2002 Summit Blvd. Bank of America and Eversheds Sutherland were second and third respectively with their 127,688 and 94,072 square-foot leases in Atlanta's office market.
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Also, investment activity of $732 million exceeded the previous year's performance, according to Avison Young. Barnouin Group made the top purchase in the market thanks to its $34 million acquisition of an asset on 1420 Peachtree St NE. It was followed by Eastern Glass & Aluminum, and FTK Capital, which made $24 million and $20.3 million purchases respectively.
While the one bad sign was the fourth quarter ended with negative absorption of -263,074, Avison Young is bullish for office on the region in the short term.
“It’s safe to say the increased activity is generating positive signals for Atlanta’s office market in 2025 and beyond," Haley Leek, Atlanta market intelligence analyst at the CRE firm said.
"Tenants are more confident in committing to space, owners are more actively seeking out investment opportunities all while RTO mandates from major companies continue to trickle in.”
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