Atlanta Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $31.38 2021 Avg. Asking Rent
  • 2.31% Y-o-Y Avg. Asking Rent Change
  • 21.25% 2021 Office Vacancy Rate
  • $2.1B2021 Total Office Sales
  • $274.83Avg. Sale Price/SF

Atlanta office price per square foot in 2021 was $31.38 on average. This marked a +2.31% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.25% across all asset classes combined. The 42 transactions that closed here throughout 2021 amounted to a total sale volume of $2.1B. Atlanta office space commanded an average sale price per square foot of $274.83.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Atlanta Class A & A+ Office Space$32.92
  • Atlanta Class B Office Space$23.01
  • Atlanta Class C Office Space$16.78
  • Georgia Class A & A+ Office Space$30.85
  • Georgia Class B Office Space$21.47
  • Georgia Class C Office Space$16.23

Atlanta, GA Office Asking Rents by Class

Average office rent in Atlanta rested at $31.38 per square foot in 2021. 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 $32.92 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.01 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.78 per square foot, on average. Comparably, statewide Georgia average office rents by class in 2021 were: $30.85 per square foot for class A office space; $21.47 per square foot for class B office space; $16.23 per square foot for class C office space.

2021 Office Vacancy Rates in Atlanta

Submarket Asking Rents Vacancy Rates
West Atlanta $40.94 14.37%
Midtown $36.99 21.92%
Buckhead $36.33 23.45%
Central Perimeter $30.58 23.40%
Galleria $29.47 23.07%
Brookhaven $28.67 12.42%
Central Business District $26.15 18.21%
South Atlanta $21.09 28.98%
Northlake\Chamblee $20.71 22.48%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Atlanta market was 21.25% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Atlanta was 12.42% in the Brookhaven submarket, while the highest office vacancy in the market was 28.98%, recorded in South Atlanta.

Office Spaces for Rent in Georgia

Atlanta Office Sale Price per SF

  • $274.832021 Avg. Price per SF
  • 33.85%Y-o-Y Avg. PpSF Change
  • $2.1B2021 Office Sales Volume
  • 422021 Number of Transactions

Atlanta, GA Sale Price per SF Trend

  • Atlanta Avg. Sale Price per SF in 2021$274.83
  • Georgia Avg. Sale Price per SF in 2021$211.63
Atlanta office space cost in 2021 marked a +33.85% change compared to the previous year. The sale price for office space in Atlanta averaged $274.83 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Georgia average office sale price during the same time period was $211.63 per square foot.

2021 Office Sales Volume

  • Atlanta, GA Total Office Sales Volume in 2021 $2.1B
  • Atlanta, GA Total Number of Office Sales Closed in 2021 42
A total of 42 deals closed on the Atlanta office market in 2021, adding up to a yearly sales volume of $2.1B. Notably, the largest transaction on the market saw 725 Ponce change hands for $300,200,000 on 8/2/2021.

Largest Atlanta Office Sales in 2021

Property name Address Date Price
725 Ponce 725 Ponce de Leon Avenue NE 8/2/2021 $300,200,000
American Cancer Society Center 250 Williams Street NW 7/22/2021 $285,000,000
999 Peachtree 999 Peachtree Street NE 10/25/2021 $223,900,000
Twelve24 1224 Hammond Drive 6/28/2021 $195,000,000
CNN Center 190 Marietta Street NW 7/1/2021 $144,800,000
Data provided by Commercial Edge

Coworking Spaces in Georgia

2021 Office Construction in Atlanta, GA

  • Atlanta, GA Total SF completed in 2021 5,078,904
  • Atlanta, GA Total SF under construction in 2022 3,192,899

During 2021, 5,078,904 square feet of new office space were delivered across the market. At the close of 2021, the Atlanta office inventory included 12 buildings equal to or larger than 25,000 square feet, which comprised 5,078,904 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 3,192,899 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Atlanta
Office building Address SF Completed
222 Mitchell 222 Mitchell Street SW, 30303 340,388 2023
Echo Street West 745 Echo Street, 30318 296,247 2023
Lee + White - Building 929 929 Lee Street, 30310 109,853 2023
2021 Peachtree Road 2021 Peachtree Road, 30309 75,000 2023
Midtown Union 1331 Spring Street, 30309 644,046 2022
Fourth Ward Project 760 Ralph McGill Boulevard Northeast, 30312 475,000 2022
One Phipps Plaza 3550 Peachtree Road, 30326 365,263 2022
Westside Paper 950 West Marietta Street Northwest, 30318 223,851 2022
Three Ballpark Center 3 Ballpark Avenue, 30339 335,561 2021
The Battery 3 Ballpark Ave, 30339 332,486 2021

Worth noting among recent office completions on the Atlanta market is 222 Mitchell, which is currently the largest new office development in the city, at 340,388 square feet.

Data provided by Commercial Edge

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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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.