Atlanta Office Market Trends

Office Rental Market

  • $29.38 2019 Avg. Asking Rent
  • 12.15 % 2019 Avg. Vacancy Rate
  • 1,440,512 2019 Office Completions (Sqft)
  • 7,960,373 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Atlanta was $29.38 per square foot, and the office vacancy rate across the market averaged 12.15 %. During 2019, developers added 1,440,512 square feet of new office space to the Atlanta market inventory. Office developments estimated for delivery during 2020 total 7,960,373 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Atlanta Class A Office Buildings$31.34
  • Atlanta Class B Office Buildings$21.78
  • Atlanta Class C Office Buildings$17.66
  • GA Class A Office Buildings$29.13
  • GA Class B Office Buildings$20.45
  • GA Class C Office Buildings$16.21

Atlanta, GA Office Asking Rents by Class

Office asking rents vary across the Atlanta office market depending on several factors, one of which is property class. While rents for Class A office buildings in Atlanta averaged $31.34 per square foot in 2019, Class B office properties garnered average rental rates of $21.78 per square foot. Rental rates for Class C office property in Atlanta averaged $17.66 per square foot. On a statewide level, Class B office space rents averaged $20.45 per square foot, while rents for Class A office space across Georgia averaged $29.13 per square foot. On average, Class C office properties in Georgia commanded rents of $16.21 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
West Atlanta $41.81 4.36 %
Midtown $34.18 13.16 %
Buckhead $33.80 9.27 %
Central Perimeter $29.91 11.58 %
Galleria $28.32 9.52 %
Brookhaven $23.88 5.46 %
Central Business District $23.63 13.83 %
Northlake\Chamblee $20.18 20.39 %
South Atlanta $20.02 11.78 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Atlanta was 4.36 % in the West Atlanta submarket, where asking rents averaged $41.81.
  • The highest office vacancy rate in 2019 in Atlanta was 20.39 % in the Northlake\Chamblee submarket, where asking rents averaged $20.18.

OFFICE CONSTRUCTION IN Atlanta, GA

  • Atlanta, GA Total Sqft completed in 2019 1,440,512
  • Atlanta, GA Total Sqft under construction in 2020 7,960,373
10 Largest Office Buildings in Atlanta
Building name Address Total Sqft Year built
AT&T Building 675 West Peachtree Street NW, 30375 2,295,032 1975
State Farm at Park Center - Buildings 2 & 3 1111 Hammond Drive, 30346 1,750,000 2021
Bank of America Plaza 600 Peachtree Street NE, 30308 1,312,230 1992
SunTrust Plaza Tower 303 Peachtree Street NE, 30308 1,249,022 1992
One Ninety One Peachtree Tower 191 Peachtree Street NE, 30303 1,222,142 1991
One Ninety One Peachtree Tower 191 Peachtree Street, 30303 1,209,721 1990
Georgia-Pacific Center 133 Peachtree Street NE, 30303 1,133,840 1982
Uptown 575 Morosgo Dr NE, 30324 1,120,000 2002
One Atlantic Center 1201 West Peachtree Street, 30309 1,102,246 1987
One Atlantic Center 1201 West Peachtree Street NW, 30309 1,100,315 1987
Largest Office Properties Recently Completed in Atlanta
Office building Address Sqft Completed
State Farm at Park Center - Buildings 2 & 3 1111 Hammond Drive, 30346 1,750,000 2021
Norfolk Southern Midtown Headquarters 650 West Peachtree Street, 30308 750,000 2021
1105 West Peachtree 1105 West Peachtree Street NW, 30309 699,153 2021
Atlantic Yards 170 17th Street NW, 30363 523,500 2021
One Phipps Plaza 3550 Peachtree Road, 30326 357,589 2021
712 West Peachtree 712 West Peachtree Street NW, 30308 318,226 2021
Three Ballpark Center 788 Circle 75 Pkwy SE, 30339 306,000 2021
Star Metals Offices 1055 Howell Mill Road NW, 30318 287,237 2021
Northlake Mall - Redevelopment - Offices 2201 Henderson Mill Road, 30345 224,000 2021
Emory Musculoskeletal Institute NEC Sheridan Road NE & Executive Park Drive Ne, 30329 180,000 2021
Data provided by Commercial Edge

Office Spaces for Rent in Georgia

ATLANTA OFFICE SALES TRENDS

  • $207.812019 Avg. Price per Sqft
  • -14.06 %Y-o-Y Avg. PpSF Change
  • $1.7B2019 Office Sales Volume
  • 352019 Number of Transactions

In 2019, office sales in Atlanta averaged $207.81 per square foot. This marked a -14.06 % decrease in office price per square foot, compared to the previous year. A total of 35 office sales closed on the Atlanta office market in 2019, amounting to a total sales volume of $1.7B.

Average Office Sale Price per Sqft

Atlanta, GA Sales Trends

  • Atlanta Price per Sqft$207.81
  • Georgia Price per Sqft$172.86

Office Sales - Trend and Volume

  • Atlanta, GA Total Office Sales Volume in 2019 $1.7B
  • Atlanta, GA Total Number of Office Sales Closed in 2019 35

Largest Atlanta Office Sales in 2019

Property name Address Date Price
Salesforce Tower 950 East Paces Ferry Road NE 8/13/2019 $205,000,000
Atlantic Station - 171 17th Street 171 17th Street NW 7/18/2019 $176,500,000
Uptown 575 Morosgo Drive NE 10/2/2019 $160,000,000
Atlanta Galleria Office Park - Galleria 400 400 Galleria Pkwy SE 8/28/2019 $121,500,000
Paces West 2727 Paces Ferry Road SE 6/6/2019 $119,500,000
Data provided by Commercial Edge

See trends for nearby markets

The Atlanta office market contains an inventory of 122,908,600 square feet of office space, in 961 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.