2020 Office Space Rent & Sales
- $30.67 2020 Avg. Asking Rent
- 4.37% Y-o-Y Avg. Asking Rent Change
- 17.16% 2020 Office Vacancy Rate
- $508.1M2020 Total Office Sales
- $209.65Avg. Sale Price/SF
Atlanta office price per square foot in 2020 was $30.67 on average. This marked a +4.37% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.16% across all asset classes combined. The 21 transactions that closed here throughout 2020 amounted to a total sale volume of $508.1M. Atlanta office space commanded an average sale price per square foot of $209.65.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Atlanta Class A Office Space$32.32
- Atlanta Class B Office Space$23.56
- Atlanta Class C Office Space$17.84
- Georgia Class A Office Space$30.31
- Georgia Class B Office Space$21.23
- Georgia Class C Office Space$16.05
Atlanta, GA Office Asking Rents by Class
Average office rent in Atlanta rested at $30.67 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Atlanta averaged $32.32 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.56 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.84 per square foot, on average. Comparably, statewide Georgia average office rents by class in 2020 were: $30.31 per square foot for class A office space; $21.23 per square foot for class B office space; $16.05 per square foot for class C office space.
2020 Office Vacancy Rates in Atlanta
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Midtown | $36.67 | 16.90% |
Buckhead | $36.03 | 19.25% |
West Atlanta | $35.59 | 19.47% |
Central Perimeter | $30.84 | 16.90% |
Brookhaven | $28.16 | 8.99% |
Galleria | $28.14 | 15.83% |
Central Business District | $25.17 | 19.79% |
Northlake\Chamblee | $20.69 | 23.95% |
South Atlanta | $20.31 | 21.80% |
Atlanta Office Sale Price per SF
- $209.652020 Avg. Price per SF
- 1.39%Y-o-Y Avg. PpSF Change
- $508.1M2020 Office Sales Volume
- 212020 Number of Transactions
Atlanta, GA Sale Price per SF Trend
- Atlanta Avg. Sale Price per SF in 2020$209.65
- Georgia Avg. Sale Price per SF in 2020$165.65
2020 Office Sales Volume
- Atlanta, GA Total Office Sales Volume in 2020 $508.1M
- Atlanta, GA Total Number of Office Sales Closed in 2020 21
Largest Atlanta Office Sales in 2020
Property name | Address | Date | Price |
---|---|---|---|
30 Allen Plaza | 30 Ivan Allen Jr. Blvd NW | 11/17/2020 | $89,940,000 |
55 Allen Plaza | 55 Ivan Allen Jr. Blvd NW | 3/19/2020 | $79,000,000 |
Stockyards | 944 Brady Avenue NW | 1/17/2020 | $69,700,000 |
Technology Enterprise Park | 387 Technology Circle NW | 12/30/2020 | $60,000,000 |
244 Perimeter Center Pkwy | 244 Perimeter Center Pkwy | 2/11/2020 | $41,700,000 |
2020 Office Construction in Atlanta, GA
- Atlanta, GA Total SF completed in 2020 1,727,776
- Atlanta, GA Total SF under construction in 2021 6,084,689
During 2020, 1,727,776 square feet of new office space were delivered across the market. At the close of 2020, the Atlanta office inventory included 16 buildings equal to or larger than 25,000 square feet, which comprised 1,727,776 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 6,084,689 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Midtown Union | 1331 Spring Street, 30309 | 644,046 | 2022 |
One Phipps Plaza | 3550 Peachtree Road, 30326 | 365,263 | 2022 |
14th+Spring | 1150 Spring Street, 30309 | 317,500 | 2022 |
760 Ralph McGill | 760 Ralph McGill Blvd NE, 30312 | 300,000 | 2022 |
The Grady Center For Advanced Surgical Services | 90 Jesse Hill Jr Drive SE, 30303 | 275,000 | 2022 |
The Interlock - Phase II | 1115 Howell Mill Road NW, 30318 | 263,890 | 2022 |
2201 Henderson Mill Road | 2201 Henderson Mill Road, 30345 | 224,000 | 2022 |
Campanile Building - Expansion | 1155 Peachtree Street NE, 30309 | 150,000 | 2022 |
Lee + White - Building 929 | 929 Lee Street, 30310 | 90,000 | 2022 |
Elevator Americas Complex | 780 Circle 75 Pkwy SE, 30339 | 80,000 | 2022 |
Worth noting among recent office completions on the Atlanta market is Midtown Union, which is currently the largest new office development in the city, at 644,046 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Atlanta commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.