Atlanta Office Rent Price & Sales Report

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%
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 17.16% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Atlanta was 8.99% in the Brookhaven submarket, while the highest office vacancy in the market was 23.95%, recorded in Northlake\Chamblee.

Office Spaces for Rent in Georgia

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
Atlanta office space cost in 2020 marked a +1.39% change compared to the previous year. The sale price for office space in Atlanta averaged $209.65 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Georgia average office sale price during the same time period was $165.65 per square foot.

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
A total of 21 deals closed on the Atlanta office market in 2020, adding up to a yearly sales volume of $508.1M. Notably, the largest transaction on the market saw 30 Allen Plaza change hands for $89,940,000 on 11/17/2020.

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
Data provided by Commercial Edge

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.

Largest Office Properties Recently Completed in Atlanta
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.

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 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.